July 6, 1993
Huntway Partners L.P., a Valencia-based maker of liquid asphalt, said it will indefinitely idle operations at its Sunbelt Refining subsidiary in Arizona, because of poor margins and an environmental lawsuit that accused the company of pollution violations. Huntway said it will take a $6.6-million charge in the second quarter to close its Sunbelt facility and will lay off 43 workers. Sunbelt will cease operations by Aug. 1, and will not resume until market conditions improve, Huntway said.
June 29, 1993
Huntway Partners L.P., struggling after big losses last year and the termination of its chief financial officer, said it reached an agreement with its secured lenders to restructure $75.3 million of debts. The agreement calls for Huntway, based in Valencia, to repay the debt in full over a 15-year period through Dec. 31, 2008, and it provides the lenders with warrants to buy common units of Huntway equal to 25% of the company's outstanding common units as well as preference units.
April 9, 1993 |
Stating that its former chief financial officer misstated inventories, accounts payable and other assets, Huntway Partners L.P. dramatically revised its loss for the first nine months of last year, to a $10.9-million loss, compared with $1.9 million it had previously reported. Huntway said in its annual filing with the Securities and Exchange Commission that it was trying to restructure its debt and if it fails to do so, the company warned it may file for bankruptcy protection.
March 26, 1993 |
Huntway Partners L.P., trying to get its operations in order after uncovering irregularities in its books, has hired a new chief financial officer and said it would shortly issue a new report addressing previous quarterly statements that apparently contained inaccuracies. Huntway, a Valencia-based producer of liquid asphalt for road construction, said Warren Nelson, a former accountant with Price Waterhouse, was named to replace Douglas C. Hansen.
January 5, 1993
Huntway Partners L. P. in Valencia said it reached an interim agreement with its bank and mortgage note holders in which the lenders have agreed to advance additional funds to Huntway while deferring principal and interest payments. Last month Huntway fired its chief financial officer after uncovering "financial irregularities" in the concern's books. Huntway said the investigation is continuing.
December 22, 1992
Huntway Partners L.P., the Valencia-based maker of liquid asphalt for road construction, last week said it fired its chief financial officer, Douglas C. Hansen, because of "financial irregularities" uncovered in the firm's books. Hansen, 44, had been on paid leave of absence since Dec. 5 pending the partnership's investigation, which is continuing.
December 15, 1992 |
In a disclosure that jolted analysts and sent its stock plunging, Huntway Partners LP. of Valencia last week suspended its chief financial officer after uncovering irregularities in its books. Huntway, a maker of liquid asphalt and other oil products that has been losing money this year because of rising crude prices, said its 1992 financial statements may have been misrepresented. Compounding problems, the partnership said it is also in violation of its credit agreement with a New York bank.
November 17, 1992
Huntway Partners L.P., a Valencia producer of liquid asphalt and other oil-based products, posted a $1.74-million loss in the third quarter on a 3% decline in revenue. The loss in the quarter ended Sept. 30 contrasted with a year-earlier profit of $946,000. Huntway's revenue fell to $33.4 million from $34.6 million. The loss in part reflected eroding margins between Huntway's costs and the prices of its products, the company said. For the first nine months of this year, Huntway lost $1.