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Horizon Lines Reaches Agreement in Principle to Reduce Debt
Charlotte, N.C. --- Horizon Lines Inc. announced that it has signed a restructuring support agreement with more than 96 percent of its note holders to further deleverage…
Horizon Lines Pleads Guilty in Environmental Case
Horizon Lines reaches agreement with U.S. Department of Justice on Environmental Record-Keeping Incident. Horizon Lines, Inc. today announced that its Horizon Lines, LLC operating subsidiary has entered into an agreement with the U.S. Department of Justice, under which the ocean cargo carrier will plead guilty to two counts of providing federal authorities with false vessel oil record-keeping entries on a containership in the U.S. West Coast-Hawaii service.
Horizon Lines Reaches Agreement for Refinance
Horizon Lines, Inc. (NYSE: HRZ) today announced that it and holders of the majority of its 4.25% convertible senior notes have entered into agreements for a transaction that will refinance the company's entire capital structure. The agreement with the note holders contemplates a complete refinancing, in conjunction with a new asset-based revolving loan facility (ABL) of up to $125 million, which is under negotiation with a leading financial institution.
Horizon Lines Reaches Agreement with CSX
CHARLOTTE, NC, May 2, 2011 – Horizon Lines, Inc. (NYSE: HRZ) today announced that it has finalized an agreement with CSX Corporation to reduce charter payments on three vessels leased from CSX. Under the agreement, charter hire expense has been reduced by $3 million annually, retroactive to January 2011, through the January 2015 expiration of the charter. The agreement represents a total savings of $12 million for Horizon Lines over the remaining life of the charter.