The U.S. shipping company Horizon Lines has received from the New York Stock Exchange (NYSE) notified the company no longer complies with the NYSE listing standards relating to minimum market capitalization of equity as compared to the average market capitalization was less than $ 50 million in 'span a period of thirty consecutive days of trading.
Horizon Lines has announced that it has notified the NYSE that will present a plan to restore compliance with these standards. The American company has 45 days from 24 May to submit such a plan, and the NYSE has 45 days to accept or reject it. If the plan should be approved, Horizon Lines will have a period of 18 months to demonstrate its compliance with the NYSE listing standards.
Recalling that the company is currently in talks to arrange the refinancing of its debt, the chairman and CEO of Horizon Lines, Stephen H. Fraser said that the objective of the company "is to ensure an overall refinancing. We believe - he added - that our current price and market capitalization reflect investor concern about our ability to achieve a long-term refinancing to reduce leverage and preserve equity. We are working to complete a refinancing of success that we hope will alleviate this concern and to help us achieve greater market capitalization. "
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