Embattled shipping company Horizon Lines faces losing its listing on the New York Stock Exchange.
Charlotte-based Horizon Lines said it has fallen below the NYSE’s listing standards because its market capitalization averaged less than $50 million during a 30 trading-day period at the same time that stockholders equity was below $50 million.
Horizon Lines said it has notified the NYSE that it will submit a plan to get back in compliance. The company has 45 days from receipt of the May 24 notice to submit a plan. The NYSE has 45 days to accept or reject it.
If the plan is accepted, the company has up to 18 months to demonstrate compliance with the listing standards. During the 18 months, the company’s shares will continue to be listed and traded on the NYSE.
The company is trying to refinance its debt.
In February, Horizon Lines pleaded guilty to a one-count felony charge that accused the company of participating in a scheme to fix rates and surcharges to transport freight over water between the continental U.S. and Puerto Rico from at least as early as May 2002 until at least April 2008, DOJ said.
Horizon Lines must pay a fine of $15 million as a result of the plea.