Horizon Avoids Ch. 11 After Judge Cuts $45M Antitrust Fine

Law360, New York (April 28, 2011, 7:13 PM EDT) -- A Puerto Rico federal judge on Thursday reduced a criminal price-fixing fine against Horizon Lines LLC from $45 million to $15 million, preventing the company from defaulting on a loan and possibly having to file for bankruptcy.

U.S. District Judge Daniel R. Dominguez granted a motion filed Tuesday by the U.S. Department of Justice, which argued that the $45 million fine would force the company into bankruptcy and that lowering it was the only way to ensure that Horizon could pay.

"We are greatly appreciative of...
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