Monday, April 15, 2024
Hawai'i Free Press

Current Articles | Archives

Tuesday, May 31, 2011
Horizon Lines may be delisted from NY Stock Exchange
By News Release @ 7:06 PM :: 5900 Views

Horizon Lines Receives Notice Regarding NYSE Listing Criteria

News Release from Horizon Lines, Inc.

CHARLOTTE, N.C., May 31, 2011 -- /PRNewswire/ -- Horizon Lines, Inc. (NYSE: HRZ) today announced that the New York Stock Exchange (NYSE) has notified the company that it has fallen below the NYSE's continued listing standards related to minimum market capitalization in combination with stockholders' equity.

Horizon Lines is considered below continued listing criteria established by the NYSE because the company's market capitalization averaged less than $50 million over a consecutive 30 trading-day period at the same time that stockholders' equity was below $50 million. According to NYSE continued listing criteria, a NYSE-listed company must maintain average market capitalization of not less than $50 million over a 30 trading-day period and stockholders' equity of not less than $50 million. Horizon Lines' stockholders' equity was below $50 million in its most recent 10-Q filed with the Securities and Exchange Commission on April 29, 2011, for the quarter ended March 27, 2011.

Horizon Lines has notified the NYSE that it will submit a plan to restore compliance. The company has 45 days from receipt of the May 24, 2011 notice to submit a plan and the NYSE has 45 days from receipt of the plan to accept or reject it. If the plan is accepted, the company has up to 18 months to demonstrate compliance with the NYSE continued listing standards. During this 18-month period, the company's shares will continue to be listed and traded on the NYSE, subject to compliance with other NYSE continued listing standards.

The company is currently in discussions to refinance its debt and, as part of the plan to restore compliance, it hopes that a successful refinancing outcome, if achieved, will help cure the deficiency.

"Our objective is to secure a comprehensive refinancing," said Stephen H. Fraser, President and Chief Executive Officer. "We believe our current stock price and market capitalization reflect investor concern over our ability to achieve a long-term refinancing that deleverages the company and preserves equity. We are working to complete a successful refinancing which we hope will alleviate that concern and help us achieve higher market capitalization."

read more



TEXT "follow HawaiiFreePress" to 40404

Register to Vote


808 Silent Majority

Aloha Pregnancy Care Center


Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii


Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together



Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Moms for Liberty

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

July 4 in Hawaii

Kakaako Cares

Keep Hawaii's Heroes

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

National Christian Foundation Hawaii

National Parents Org Hawaii

NFIB Hawaii News

No GMO Means No Aloha

Not Dead Yet, Hawaii

NRA-ILA Hawaii

Oahu Alternative Transport


OHA Lies

Opt Out Today

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii


Rental by Owner Awareness Assn

ReRoute the Rail

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

School Choice in Hawaii

Sink the Jones Act

Statehood for Guam

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

UCC Truths

US Tax Foundation Hawaii Info

VAREP Honolulu

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii