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To: Tommaso who wrote (22427)	5/14/2003 6:58:06 AM
From: aerosappy	Read Replies (1) of 206093

HOFF {excerpt from May 14 earnings release} biz.yahoo.com During 2003, Horizon has been required to borrow funds to meet working capital requirements due to the delayed timing of the collection of its Pemex receivables and claims. In May 2003, the company obtained amendments on its three revolving credit facilities to provide additional financial flexibility by making the financial covenants related to financial leverage less restrictive. Based upon current and projected demand for the company's services and reduction in EBITDA, Horizon anticipates that it will need to further amend its debt covenants in subsequent quarters. Horizon is currently in discussions with its lenders regarding its revolving credit facilities and any necessary amendments.

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