A federal court in Puerto Rico agreed to reduce Horizon Lines’ $45 million fine for antitrust violations to $15 million, an action Horizon said lifts the threat that the company will default on its bonds next month.
The Justice Department requested the reduced fine this week, saying the lower penalty was needed to save Horizon from the threat of a default and bankruptcy that “would jeopardize the government’s ability to collect the outstanding balance of the company’s criminal fine.”