Shipping out.
Position | CHARLOTTE REGION |
A nearly 60-year-old Charlotte cargo-shipping company will cease operations and cut 60 jobs after selling part of itself to two competitors and halting shipping to Puerto Rico. Horizon Lines has struggled for several years because of an aging fleet, hefty debt payments and government sanctions for price-fixing. The company lost $18.3 million during the first nine months of 2014, compared with a loss of $17.8 million in the same period the year before. It reported assets of $628.3 million and $690.5 million in liabilities. The company will sell its Hawaiian shipping lines to San Rafael, Calif.-based Pasha Group for $141.5 million and will use proceeds to pay down debt. Honolulu-based shipper Matson will acquire the rest of the company, including its Alaskan shipping lines and the assumption of debt, for $456 million. The deals are expected to close this year. The company's third line in Puerto Rico did not fare as well...
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