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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Defense Appropriations Bill Includes $1 Bln for US Icebreaker

The U.S. Senate Appropriations Committee’s FY2017 Defense Appropriations Bill has included $1 billion in funding to accelerate construction of a new polar icebreaker for the U.

Higher Capesize Demand Pushes up Baltic Index

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Friday buoyed by higher demand for capesize vessels.

TT Club Reports Robust Financial Results for 2015

TT Club has announced its financial results for the year ended December 31, 2015, and AM Best affirms its A- (Excellent) rating for the 10th consecutive year.   Knud Pontoppidan,

 
 
Maritime Security Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | 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: 0.0780 sec (13 req/sec)