Trailer Bridge’s lenders have given the domestic carrier until Nov. 14 to refinance its $82.5 million in bond debt.
The carrier disclosed the extension by lending agent Wells Fargo Bank in a Securities and Exchange Commission filing last week. The lenders previously had granted forbearance on default through Oct. 31.
Default on the bond would trigger default under the company’s revolving credit facility and loan agreement and likely send the company into bankruptcy.
Failure to refinance the debt by Nov. 14 “will result in the acceleration of the obligations due under the revolving credit facility and the loan agreement,” the filing stated.
Trailer Bridge operates domestic over-the-road service and a barge service linking Jacksonville, Fla., with Puerto Rico and the Dominican Republic.
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