Horizon to 'reorganize' as Hornblower ferry revenues fall shortSep 21, 2017 03:59 PM
The shipbuilder says it has not filed for Chapter 11 but 'day-to-day operations' have been affected
The following is a news release from Horizon Shipbuilding:
(BAYOU LA BATRE, Ala.) — Last year, Travis R. Short, president of Horizon Shipbuilding, saw an opportunity to repeat a great construction performance from 2012. Namely, an unheard of quantity of vessels in a very short period of time starting from ground zero. Hornblower (HNY Ferries) offered just this type of opportunity through its NYC Ferry project and Horizon has achieved what most believed couldn’t be done. Through the unparalleled commitment of Horizon’s boat builders, subcontractors and suppliers, all of the 2017 ferries have been delivered.
However, project revenues were not sufficient for Horizon to continue normal day-to-day operations. The forecasted shortfalls were brought to the forefront early in the project and discussions have been ongoing since then without resolution. Horizon will now take the time to reorganize its current projects and make every effort to regain its reputation with the vendors and subcontractors that help make up the Horizon team. Horizon appreciates the industry’s support as it meticulously navigates through the process of re-establishing itself as the shipbuilder their customers have come to rely on for the past two decades.
Editor's note: Horizon clarified on Thursday that it is not filing for Chapter 11 reorganization "at this time." The shipbuilder said it is in discussions with its current clients and will continue progress on its current contracts.Edit Module