Horizon Lines said it is trying to refinance its debt to avoid an expected default and would not comment on a Bloomberg News report quoting unnamed sources as saying the largest U.S. domestic ocean carrier may file for bankruptcy as soon as April.

Bloomberg quoted sources as saying the company may seek to swap its debt for equity to avoid bankruptcy. Horizon CEO Stephen Fraser said this week the company was reviewing all options for refinancing and financial restructuring but he would not elaborate.

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