Horizon Lines Covenant Relief Aiding Refinancing Effort

Monday, June 27, 2011

 Horizon Lines, Inc. (NYSE: HRZ) announced that it has reached an agreement with its bank group to amend its credit facility.

 
The amendment relaxes compliance under the credit facility's financial covenants for the second quarter, and will thereby preserve access to liquidity under the revolver and facilitate the company's ability to move forward with its previously announced refinancing effort.   
 
"We appreciate the continued support of our lender group while we navigate through the complex process of refinancing our entire capital structure," said Michael T. Avara, Executive Vice President and Chief Financial Officer. "This amendment will provide additional financial covenant flexibility as we work with our banks and our convertible note holders towards a comprehensive refinancing, which we announced earlier this month." 
 
A copy of the credit agreement amendment is included as an exhibit to a current report on Form 8-K that Horizon Lines is filing with the SEC on June 24, 2011.
 
Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Odfjell Drilling in Tighter 2Q North Sea Market

Odfjell Drilling reports second quarter 2014 financial results showing a profit of US$29-million. Profit & loss Q2 2014 Operating revenue for Q2 2014 was USD 272 million (USD 289 million),

DP World 1H 2014 Profit Soars

Global marine terminal operator DP World releases strong financial results from its global portfolio of marine terminals for the six months to 30 June 2014, delivering

British WWl Warship Refurbishment Project

Northern Ireland Office Minister, Dr Andrew Murrison MP, visited the historic HMS Caroline in Belfast’s Titanic Quarter as restoration grants are received, informs the UK Government.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1079 sec (9 req/sec)