Stephen H Fraser News

Horizon Lines, Inc. one of the nation's leading domestic ocean shipping companies, announce that Sam Woodward has joined the company as President and Chief Executive Officer (CEO) and has been appointed to the company's Board of Directors, effective June 7, 2012. Mr. Woodward succeeds Stephen H. Fraser, who has served as interim President and CEO since March 2011. Mr. Woodward, 63, joins Horizon Lines from Traffic Tech Inc., an international freight forwarder, where he held several executive leadership roles.

Horizon Lines reports Q! "Horizon Lines generated slightly improved revenue container volume and higher EBITDA and adjusted EBITDA in the first quarter relative to a year ago, despite challenges that included severe winter weather in Alaska, higher fuel prices and increased expenses," said Stephen H. Fraser, interim President and Chief Executive Officer. "Hawaii's performance improved significantly on solid customer support and an improving economy. Alaska's results were also better despite record cold and snowfall, which had a significant, adverse impact on customer demand and operations. Alaska was buoyed in part by domestic southbound volume that was driven by a strong seafood market.

Horizon Lines, Inc. issued the following statement from interim President and Chief Executive Officer Stephen H. Horizon Lines is, and always has been, a very staunch supporter of the Jones Act and all of its requirements. The Jones Act stipulates that cargo shipped between two U.S. ports must be transported on vessels that are American-made, American-flagged, at least 75% American-owned and predominantly American crewed. We fully support these requirements and steadfastly believe they are vital to American economic, merchant marine, military, national and homeland security interests.

Horizon Lines, Inc. today issued the following statement from interim President and Chief Executive Officer Stephen H. Horizon Lines is, and always has been, a very staunch supporter of the Jones Act and all of its requirements. The Jones Act stipulates that cargo shipped between two U.S. ports must be transported on vessels that are American-made, American-flagged, at least 75% American-owned and predominantly American crewed. We fully support these requirements and steadfastly believe they are vital to American economic…

Charlotte, N.C. - Horizon Lines Inc. today announced that it has completed transactions with more than 99 percent of its note holders, and with Ship Finance International Limited ("SFL") and certain of its subsidiaries, to substantially deleverage the Company's balance sheet and terminate vessel charter obligations related to its discontinued trans-Pacific service. These simultaneous transactions eliminate virtually all of the remaining $228.4 million of the Company's 6.00 percent Series A and Series B Convertible Secured Notes, partially offset by the issuance of $40.0 million of debt to SFL as part of the full and final settlement of the vessel charter obligations, resulting in a net debt reduction of $188.4 million.

Horizon Lines, Inc. have reported financial results for the fiscal fourth quarter ended December 25, 2011.Financial results are being presented on a continuing operations basis, excluding the discontinued FSX and logistics operations. "Our fourth-quarter operating performance from continuing operations was relatively stable when compared with a year ago, as both container volumes and rates reflected marginal improvement on a comparable 52-week basis," said Stephen H. Fraser, interim President and Chief Executive Officer. "Our financial performance was pressured by high fuel prices, the ongoing recession in Puerto Rico, severe winter weather in Alaska, and increased expenses from incremental lift and equipment costs resulting from the expiration of certain of our Maersk agreements.

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 the Company's balance sheet in connection with, and contingent upon, a restructuring of the vessel charter obligations related to the Company's discontinued trans-Pacific service. "We greatly appreciate the support of our note holders to help facilitate this potential restructuring to reduce the company's indebtedness, and also thank our employees for their continued dedication and hard work," said Stephen H. Fraser, President and Chief Executive Officer. "Over the past year, Horizon Lines has taken a number of actions to restructure our business, reduce debt and improve liquidity.

$49.7 Million of 6.00% Series B Mandatorily Convertible Senior Secured Notes Exchanged for Common Stock and Warrants. Horizon Lines, Inc. has announced that it has completed the mandatory debt-to-equity conversion of approximately $49.7 million of the company's 6.00% Series B Mandatorily Convertible Senior Secured Notes (the "Series B Notes"). The mandatory conversion reduces debt, lowers annualized interest payments and is expected to increase the value of the company's shares outstanding.

Horizon Lines Stockholders Approve 1-for-25 Reverse Stock Split at Special Stockholder Meeting. Horizon Lines, Inc. (OTCQB: HRZL) announced that stockholders at the company's special stockholders meeting on December 2, 2011, voted to approve, among other things, a 1-for-25 reverse stock split. Stockholders also approved the other three proposals presented at the special meeting. Stockholders approved amending the company's certificate of incorporation to authorize the issuance…

Board to expand to eleven from eight; seven New Board Members Join Four Existing Directors; Four Directors Retire. Horizon Lines, a domestic ocean shipping company, today announced that it will expand its Board of Directors to 11 members from eight, effective November 25, 2011. In conjunction with the expansion, seven new directors will be appointed and four of the existing eight directors will retire. • Jeffrey A. Brodsky, Kurt M. Cellar, Carol B. Hallett, James LaChance, Steven L. Rubin, Martin Tuchman and David N. Weinstein will join the board as independent directors.

Quarter Negatively Impacted by Goodwill Impairment Charge, FSX Losses, Volume and Rate Pressures. Horizon Lines, Inc. (OTCQB: HRZL) has reported financial results for the fiscal third quarter ended September 25, 2011. Financial results are being presented on a continuing operations basis, excluding discontinued logistics operations. On a GAAP basis, the third-quarter net loss from continuing operations totaled $126.5 million, or $4.09 per diluted share, on revenue from continuing operations of $321.9 million. On an adjusted basis, the company recorded a third-quarter net loss from continuing operations of $5.6 million, or $0.18 per diluted share, after excluding charges totaling $120.9 million, after tax, or $3.91 per share.

Company Will Conduct Orderly Transition to Minimize Supply Chain Disruptions. Last Voyage of FSX Service from China Expected on November 2; Final Sailings to Guam on November 8 and 10. Horizon Lines, Inc. (OTCQB: HRZL), the nation's leading domestic ocean shipping company, today announced it will discontinue its Five Star Express (FSX) trans-Pacific container shipping service between the U.S. West Coast, Guam and China. Horizon is implementing an orderly transition plan, beginning October 31, 2011, and will work aggressively to mitigate any supply chain disruptions for its customers. Discontinuation of the FSX Guam and China services will have no impact on the company's domestic ocean services in Alaska, Hawaii, or Puerto Rico.

Horzion Line's stock is now trading on the OTC market with new trading symbol (HRZL). Horizon Lines, Inc. (NYSE: HRZ), the nation's leading domestic ocean shipping company, today announced that its common stock will begin trading on the OTCQB Marketplace, effective October 20, 2011. OTC Markets Group Inc. operates the world's largest electronic marketplace for broker-dealers to trade unlisted stocks, including the OTCQB Marketplace. Investors will be able to view the Real Time Level II stock quote, which provides detailed quote information by market maker, for Horizon Lines at http://www.otcmarkets.com under the ticker symbol HRZL. The…

New Capital Structure Provides Opportunity for Significant Deleveraging. Horizon Lines, Inc. (NYSE: HRZ) today announced that it has completed a comprehensive refinancing of the company's entire capital structure. The new capital structure addresses the company's financial needs by providing adequate liquidity to fund continuing operations and the ability to achieve substantial additional debt reduction. "We now have a new capital structure that eliminates the refinancing uncertainty faced by our company over the past several months and better positions us for the future," said Stephen H. Fraser, President and Chief Executive Officer.

Horizon Lines, Inc. (NYSE: HRZ) reported financial results for the fiscal first quarter ended March 27, 2011. As a result of previously announced plans to discontinue the logistics business, financial results are being presented on a continuing operations basis, excluding the discontinued logistics operations. On a GAAP basis, the first-quarter net loss from continuing operations totaled $33.3 million, or $1.08 per diluted share, on revenue from continuing operations of $285.4 million. On an adjusted basis, the first-quarter net loss from continuing operations totaled $28.0 million, or $0.90 per diluted share, after excluding charges totaling $5.4 million after tax, or $0.18 per diluted share.

CHARLOTTE, NC (April 28, 2011) - Horizon Lines, Inc. (NYSE: HRZ) today announced that a federal court has granted a request by the U.S. Department of Justice to reduce the company's fine related to federal antitrust violations in the Puerto Rico tradelane from $45 million to $15 million. As a result of the reduced fine, Horizon Lines is no longer facing the prospect of a May 21, 2011, default under its convertible note indenture. The company could have been declared in default by the convertible note holders on any judgment over $15 million that the company was unable to pay…

Horizon Lines, Inc. (NYSE: HRZ) today announced that it has entered into a credit agreement amendment with its lender group, effective March 9, 2011, providing the company with additional flexibility as it moves forward with its overall debt refinancing efforts. The amendment waives a default under the senior credit facility that would have arisen from the $45 million fine that the company has agreed to pay to settle the Department of Justice investigation, upon acceptance of the Plea Agreement by the United States District Court for the District of Puerto Rico.

Horizon Lines, Inc. (NYSE: HRZ) announced that shareholders at the company's annual meeting yesterday elected three Class II directors and ratified the appointment of Horizon Lines' public accounting firm Ernst & Young LLP. Additionally, the Board of Directors re-elected Chief Executive Officer Charles G. Raymond as its Chairman. During the annual meeting, shareholders re-elected Class II directors Vern Clark and William J. Flynn, and elected Stephen H. Fraser as a new Class II director to succeed Dan A. Colussy, who retired from the board.