TROUBLED Jones Act carrier Horizon Lines has announced that it has completed the mandatory debt-to-equity conversion of about US$49.7 million of the company's six per cent Series B mandatorily convertible senior secured notes, reports American Shipper.
TROUBLED Jones Act carrier Horizon Lines has announced that it has completed the mandatory debt-to-equity conversion of about US$49.7 million of the company's six per cent Series B mandatorily convertible senior secured notes, reports American Shipper.
"This mandatory conversion reduces the company's annualised interest payments by $3 million and represents a major step in deleveraging the company's balance sheet under the opportunities provided by our new capital structure," said Horizon CEO Stephen Fraser.
The carrier was crippled by federal fines for price fixing, which brought it to near ruin, involving delisting from the main board of the New York Stock Exchange for failing to maintain financial standards required of listed companies.
