Debt Restructuring Aids Oil Company’s Turnaround

Huntway Partners L.P., a Newhall-based oil company, staged a turnaround in the fourth quarter that ended Dec. 31 thanks to debt restructuring during bankruptcy proceedings.

The company emerged from bankruptcy on Dec. 30, and received an extraordinary gain of $59 million in the fourth quarter related to refinancing.

As a result, the company’s profit for the fourth quarter that ended Dec. 31 was $55.9 million compared with a loss of $8.9 million in the corresponding period last year.

Revenue in the fourth quarter was $24.8 million, up 11% from $22.4 million last year.

For the year, the profit was $56.4 million compared with a loss of $14.4 million last year, and revenues were up 19% to $99 million from $83 million last year.