Horizon Lines Inc., the second-largest ocean shipper serving Hawaii, may file for bankruptcy as soon as next week after the shipping company agreed to pay a $45 million fine to resolve Justice Department price-fixing charges, according to three people familiar with the matter.
Horizon Lines failed to get bondholder approval to waive a default after the fine and may be forced to seek court protection if talks with creditors to restructure its debt fail, the Charlotte, N.C.-based company said in a regulatory filing on Monday. The company may seek to swap its debt for equity to avoid bankruptcy, said the people, who declined to be identified because the talks are private.