Times have been tough for Horizon Lines, the US  Jones Act container shipping company that was spun off from Sealand in 2003.  In addition to suffering decreased revenues in the general economic downturn, in late February Horizon agreed to plead guilty to a felony charge of price-fixing and will pay a $45 million fine.   It also is facing a class action suit expected to be settled for roughly $20 million.  It is currently at risk of default on $330 million  worth  of  convertible  bonds and is reported to be considering filing for bankruptcy in April.

Horizon Lines Said to Weigh April Bankruptcy as Convertible Bonds Plummet