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

Fitzgerald returns to Crowley  thumbnail image

Fitzgerald returns to Crowley 

February 21 - Crowley Maritime Corporation has appointed Ray Fitzgerald as its chief operating officer, effective March 1. 
Views: 481
KENC completes engineering scope for Jumbo thumbnail image

KENC completes engineering scope for Jumbo

February 21 - The Netherlands-based KENC Engineering has collaborated with Jumbo to prepare the heavy lift vessel Fairplayer for an FPSO installation project offshore Brazil. 
Views: 416

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