Huntway Partners Reports $2.2-Million Quarterly Loss
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Huntway Partners, L.P., in Newhall reported a narrower loss in its first quarter on a 40% rise in revenues.
Huntway, a producer of asphalt used in road construction and repair jobs, posted a loss of $2.2 million in the quarter that ended March 31, compared to a $3.4-million loss a year ago. Revenues in the latest quarter rose to $17.2 million, up from $12.3 million in last year’s first quarter.
In April, the company also announced that it had reached agreement with bondholders of 86% of the company’s senior debt. The restructuring plan calls for Huntway to issue 13.8 million units, which would reduce that portion of Huntway’s debt from $95.5 million to $25.6 million on Jan. 1, 1996.
But the company also said that one lender, holding the other 14% of Huntway’s senior debt, refused to go along with that agreement. As a result, Huntway said it may file a “prepackaged” reorganization plan in federal bankruptcy court.
Huntway Partners operates two asphalt refineries in Wilmington and Benicia.
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