[191011.EN.SEA] Horizon To Delist Wednesday After Sinking Below NYSE's Plimsoll Line

AMERICA's biggest shipping company, Horizon Lines, will be delisted by the New York Stock Exchange on Wednesday because its average capitalisation over 30 trading days fell below the necessary US$15 million.

Horizon said its stock will be traded over the counter through the appeals process, reported Newark's Journal of Commerce, adding that falling below the NYSE standard triggers an automatic suspension.

Horizon swung a US$652.8 million refinancing deal earlier this month that included an exchange of convertible notes for new notes and stock and warrants, under which the bondholders became majority owners of the company.

Horizon stock closed Thursday at 32 cents a share after enjoy a high for the last year of $5.95 just before company entered a guilty plea to a felony antitrust charge in February for price-fixing in the Puerto Rico trade.

Horizon's initial $45 million fine was reduced to $15 million because the higher amount would have instantly bankrupted the company, which trades between US ports for the most part, though has one run out to eastern China.

Source : HKSG.