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Overview Case considerations Additional case information Key topics

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Presentation on theme: "Overview Case considerations Additional case information Key topics"— Presentation transcript:

1 Overview Case considerations Additional case information Key topics
8/28/2019 Horizon Lines Overview Case considerations Additional case information Key topics 8/28/2019 Senior Seminar in Finance FNCE 4850 Senior Seminar

2 Senior Seminar in Finance
8/28/2019 Overview April, 2011 CEO Stephen Fraser is contemplating financial actions to take as the company experiences increasing financial distress. Spreadsheet available: Horizon Lines.xls Note: see MEMO in spreadsheet for further focus 8/28/2019 Senior Seminar in Finance FNCE 4850 Senior Seminar

3 Senior Seminar in Finance
8/28/2019 Case considerations Why is Horizon Lines in trouble? What is the likelihood of violating the debt covenants and what are the consequences if they do? Can Horizon Lines become viable with the proper capital structure in place? 8/28/2019 Senior Seminar in Finance FNCE 4850 Senior Seminar

4 Senior Seminar in Finance
8/28/2019 Case considerations What are the pro’s and con’s of the suggested courses of action: Issue new equity Declare chapter 11 Conduct a voluntary restructuring (get acquired) NOTE: See MEMO in spreadsheet 8/28/2019 Senior Seminar in Finance FNCE 4850 Senior Seminar

5 Senior Seminar in Finance
8/28/2019 Approach Create a cash flow model-see spreadsheet EBITDA is proxy for operating cash flow Add investment and financing cash flows Add ending cash balance for each year Note: assume operating lease obligations are included in operating expenses in forecast 8/28/2019 Senior Seminar in Finance FNCE 4850 Senior Seminar

6 Additional case information
8/28/2019 Additional case information For more specific direction, be sure to closely review the “memo” included in the case spreadsheet on D2L. Refer to “Cash Forecast” worksheet in case spreadsheet. Note: this information is NOT in the case booklet. 8/28/2019 Senior Seminar in Finance FNCE 4850 Senior Seminar

7 Senior Seminar in Finance
8/28/2019 Key topics Financial distress Assessing financial condition Financial restructuring 8/28/2019 Senior Seminar in Finance FNCE 4850 Senior Seminar

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