Latest news from Heavy Lift & Project Forwarding International Magazine

Horizon Lines completes refinancing

October 7 - Horizon Lines, Inc has completed a comprehensive refinancing of the company's entire capital structure.

The new capital structure addresses the company's financial needs by providing adequate liquidity to fund continuing operations and the ability to achieve substantial additional debt reduction.

"We now have a new capital structure that eliminates the refinancing uncertainty faced by our company over the past several months and better positions us for the future," said Stephen H. Fraser, president and chief executive officer. "We have put in place a solid financial foundation that affords us the opportunity to grow our business and significantly reduce debt over time."

The terms of the recapitalisation result in a USD652.8 million financial restructuring. The company and its subsidiaries entered into a new, USD100 million, asset-based revolving credit facility arranged through Wells Fargo Capital Finance, LLC to provide liquidity for continuing operations.

"We greatly appreciate the support of our note holders, previous lender group and the new lenders to facilitate this comprehensive and complex refinancing in an orderly and timely manner," said Michael T. Avara, executive vice president and chief financial officer. 

Heavy Lift | News

Sims Crane appoints Lester thumbnail image

Sims Crane appoints Lester

July 19 - Florida’s Sims Crane & Equipment has named Jared Lester as its business development manager. 
Views: 307
ITI and FHS to open Florida training centre thumbnail image

ITI and FHS to open Florida training centre

July 19 - Florida Handling Systems (FHS), a Mazzella Company, and Industrial Training International (ITI) have confirmed that they will develop a training centre in Bartow, Florida.
Views: 350

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