Horizon Lines Timeline

Horizon Lines Timeline

2003 — Horizon Lines formed as separate company when CSX sells its subsidiary to The Carlyle Group.

September 2005 — Horizon stages its initial public offering, selling 12.5 million shares at $10 a share.

April 17, 2008 — FBI raids Horizon, Sea Star, Crowley headquarters, signaling criminal investigation of Jones Act carriers.

2008 — Civil antitrust lawsuits seek damages. Cases are consolidated into separate class actions for direct and indirect customers.

2009 — Three ex-officials of Horizon and two from Sea Star plead guilty, accept prison terms for antitrust violations or hiding evidence.

June 11, 2010 — Horizon agrees to settle direct shippers’ class action for $20 million.

December 2010 — 230 shippers opt out of class action.

Feb. 22, 2011 — Horizon settles indirect customers’ lawsuit for $1.777 million.

Feb. 24, 2011 — Horizon says it will plead guilty and pay $45 million fine for criminal antitrust violation, and will seek to persuade bondholders to waive covenants to stave off default. CEO Chuck Raymond to retire in management shakeup.

March 3, 2011 —Horizon annual report says bondholders’ refusal to waive or amend covenants threatens default in May. Auditor’s note cites doubt over Horizon status as going concern.

March 8, 2011 — Justice Department discloses it sought $45 million because higher fine would have threatened Horizon’s viability.

April 26, 2011 — Justice Department seeks cut in criminal fine to $15 million to spare Horizon a bond default and threat of bankruptcy.

April 30, 2011 — Horizon reports $33.3 million net loss for “challenging” first quarter.