Horizon secures covenant relief

Horizon secures covenant relief    Horizon Lines said Friday it has reached an agreement with its bank group to amend its credit facility.
   The nation’s largest operator of Jones Act containerships said the “amendment relaxes compliance under the credit facility’s financial covenants for the second quarter,” and will preserve access to liquidity under a revolving loan and facilitate Horizon’s ability to move forward with a previously announced refinancing effort.”
   Michael T. Avara, executive vice president and chief financial officer, said the amendment “will provide additional financial covenant flexibility as we work with our banks and our convertible note holders towards a comprehensive refinancing, which we announced earlier this month.”