The articles excerpted on this site report on the state of the industry as seen by mainstream media, and do not necessarily reflect the opinion of the officers of the ILWU Coast Longshore Division.

$45M fine tilts Horizon to bankruptcy

Horizon Lines Inc., the second-largest ocean shipper serving Hawaii, may file for bankruptcy as soon as next week after the shipping company agreed to pay a $45 million fine to resolve Justice Department price-fixing charges, according to three people familiar with the matter.

Horizon Lines failed to get bondholder approval to waive a default after the fine and may be forced to seek court protection if talks with creditors to restructure its debt fail, the Charlotte, N.C.-based company said in a regulatory filing on Monday. The company may seek to swap its debt for equity to avoid bankruptcy, said the people, who declined to be identified because the talks are private.

From the Honolulu Star Advertiser


Find other news on this topic by clicking on the tags and category key words above.