Asphalt Company Is Operating in Default

Huntway Partners L.P., a Valencia company that operates oil refineries that make liquid asphalt, said it is in default of some provisions of its credit agreement with its bank, although it is current on interest and principal payments. Huntway said it is operating in default with the “acquiescence” of the bank.

Huntway also said that in response to its greater need for working capital--a result of higher prices for oil, a key ingredient in asphalt--the bank agreed to increase the amount of money available to Huntway for working capital under various credit facilities. The combined total of the two facilities remains $41 million, but the working capital line has been increased by $5 million to $15 million.