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Troubled Horizon Says Customers Haven’t Left

Horizon Lines says most of its customers are sticking with the financially ailing container line despite an accountant’s note that cited doubt about the company’s status as a going concern.

Horizon said last month it expects to default this quarter on $330 million in debt unless it can persuade bondholders to waive covenant violations triggered by the company’s recent agreement to pay $45 million for pleading guilty to price-fixing in the U.S. mainland-Puerto Rico shipping trade.

From theJournal of Commerce


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