Huntway Posts Loss, Restructures Bank Debt

Huntway Partners in Valencia said it lost $2.6 million in the first quarter and that it reached agreements to restructure its debt and receive a $5-million cash infusion from an investor.

Huntway, which produces liquid asphalt and other products from refining crude oil, is organized as a partnership whose common and preference ownership units are similar to shares of stock.

The loss in the quarter that ended March 31 compared with net income of $655,000 a year earlier, and the company’s revenue rose to $20.4 million from $17.7 million. Huntway attributed the loss partly to higher prices for crude oil that were not matched by higher prices for Huntway’s products.

Huntway said it has agreed to restructure its bank debt into a $17-million term loan and a $31-million credit package. Huntway also said an affiliate, Reprise Holdings Inc., agreed to buy 625,000 newly issued preference units of Huntway for $8 each, or $5 million.