UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check One):
[X] Form 10-K [ ] Form 20-F [ ] Form 11-K [ ] Form 10-Q [ ]
Form N-SAR
For the Fiscal Year Ended December 31, 1995
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
If the notification relates to a portion of the filing checked
above, identify the Item(s) to which the notification relates:
PART I - REGISTRANT INFORMATION
HUNTWAY PARTNERS, L.P.
Full Name of Registrant
None
Former Name if Applicable
25129 The Old Road, #322
Address of Principal Executive Office (Street and Number)
Newhall, California 91381
City, State and Zip Code
PART II - RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable
effort or expense and the registrant seeks relief pursuant to
Rule 12b-25(b), the following should be completed. (Check box if
appropriate)
[X] (a) The reasons described in reasonable detail in Part III
of this form could not be eliminated without
unreasonable effort or expense;
[X] (b) The subject annual report, semi-annual report,
transition report on Form 10-K, Form 20-F, 11-K, Form
N-SAR, or portion thereof, will be filed on or before
the fifteenth calendar day following the prescribed due
date; or the subject quarterly report of transition
report on Form 10-Q, or portion thereof will be filed
on or before the fifteenth calendar day following the
prescribed due date; and
[ ] (c) The accountant's statement or other exhibit required by
Rule 12b- 25(c) has been attached if applicable.
PART III - NARRATIVE
State below in reasonable detail the reasons why the Form 10-K,
11-K, 10-Q, N-SAR, or the transition report or portion thereof,
could not be filed within the prescribed time period.
The Partnership has been engaged in negotiations with its lenders
to restructure its indebtedness. As previously announced on
December 3, 1995 the Partnership failed to make its scheduled
payment on November 30, 1995 and since that time has been in
default under its primary lending agreements.
Due to the time-consuming nature of these restructuring
activities and the fact that they affect certain of the
information required in the Form 10-K, the Partnership has been
unable to complete the preparation of all of the financial and
other information required in its Form 10-K without unreasonable
effort and expense. The Partnership expects to complete such
preparation during the next two weeks. Accordingly, the
Partnership is unable to file its Annual Report on Form 10-K
within the prescribed time period.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to
this notification:
Warren J. Nelson (805) 286-1582
Name Area Code and Phone Number
(2) Have all other periodic reports required under Section 13 of
15(d) of the Securities and Exchange Act of 1934 or Section
30 of the Investment Company Act of 1940 during the preceding
12 months (or for such shorter period that the registrant was
required to file such reports) been filed? If answer is no,
identify report(s).
[X] Yes [ ] No
(3) Is it anticipated that any significant change in results of
operations from the corresponding period for the last fiscal
year will be reflected by the earnings statements to be
included in the subject report or portion thereof?
[X] Yes [ ] No
If so, attach an explanation of the anticipated change, both
narratively and quantitatively, and if appropriate, state the
reasons why a reasonable estimate of the results cannot be
made.
As announced by the Partnership in its press release of February
9, 1996, the net loss for the year ended December 31, 1995 was
$14,462,000, or $1.24 per unit, compared with a net loss of
$3,004,000, or $.26 per unit in 1994.
The increase in the net loss of $11,458,000 is due a $9,492,000,
or $.77 per unit write down of the companys Sunbelt refinery in
Arizona. As the company has determined that it is unlikely that
Sunbelt will be operated as a petroleum refinery in the future it
has reduced the carrying value of the facility in accordance with
FASB 121, Accounting for the Impairment of Long-lived Assets and
for Long-lived Assets to be disposed of. Excluding the Sunbelt
write down the increase in the loss of $1,966,000 is reflective
of the impact of rising crude prices, increased competition and
unusually heavy rainfall in the first half of the year. Through
the first six months of 1995, the net loss exceeded 1994 by
$3,641,000.
HUNTWAY PARTNERS, L.P.
Name of Registrant as Specified in Charter
has caused this notification to be signed on its behalf by the
undersigned hereunto duly authorized.
DATE: March 28, 1996 BY: /s/ Warren J. Nelson
Warren J. Nelson
Executive Vice President
and Chief Financial Officer
