Trailer Bridge Delays Quarterly Report

Trailer Bridge Delays Quarterly Report

U.S.-Puerto Rico carrier Trailer Bridge said it plans to delay the filing of its third quarter financial report because the company has been focused on efforts to refinance $82.5 million bond debt that was due to mature Tuesday.

Trailer Bridge told the Securities and Exchange Commission the company expected to file its quarterly report by Nov. 21. The company said it needed extra time because the company has been focused on its bond refinancing efforts.

Trailer Bridge said its quarterly report will address the debt issue but that “the company’s management has not yet completed all necessary work to complete this analysis.”

Last month Wells Fargo Bank granted any an extension to Nov. 14 on Trailer Bridge’s 9.25 percent senior secured bonds due Nov. 15.

In its second quarter report Aug. 15, Trailer Bridge said it was “exploring a number or options that might involve the private or public lending market and may include an equity component, and that might result in a change of control.”

Trailer Bridge warned that failure to refinance the maturing debt might force the company to seek bankruptcy court protection. Trailer Bridge operates motor carrier service in the 48 contiguous states and a container-barge service between Jacksonville, Fla., and Puerto Rico and the Dominican Republic.

The company, founded in 1991 by the late containerization pioneer Malcom McLean, is the smallest of the four liner operators between the U.S. mainland and Puerto Rico.

-- Contact Joseph Bonney at jbonney@joc.com. Follow him on Twitter @josephbonney.