Horizon Lines settles class action with $20m payment

HORIZON Lines has agreed to pay $20m and freeze freight rates in its Puerto Rico trade lane for two years to settle a class action lawsuit brought by disgruntled customers. New York-listed Horizon Lines has also agreed to pay its lenders 1.5% higher interest and a one-off sum of $1.8m in consideration for being allowed to exclude this expenditure from calculations that determine its compliance with covenants