Trailer Bridge has emerged from Chapter 11 bankruptcy reorganization Monday following a court’s approval last month.
Trailer Bridge operates container-barge service between Jacksonville, Fla., and Puerto Rico and the Dominican Republic in addition to truck service in the 48 contiguous states.
The company filed for Chapter 11 reorganization in November and submitted a restructuring plan Jan. 14. The U.S. Bankruptcy Court in Jacksonville approved the plan March 16.
“Today marks the beginning of a new era for Trailer Bridge,” William G. Gotimer Jr. and Mark A. Tanner, the company’s co-CEOs, said in a joint statement that noted the company’s services continued without interruption.
Under the reorganization, the company’s largest bondholders, led by Seacor Holdings and Whippoorwill Associates, will receive at least 91 percent of the company’s stock and will hold $65 million in company debt. Some of the majority note holders provided $31.5 million in exit financing.
Unsecured creditors and vendors will be paid 95 to 100 percent of their pre-filing claims. Previous equity holders will receive 15 cents per share or, if they hold more than 2,500 shares, can elect to receive their share of 9 percent of the reorganized company’s common stock.
Trailer Bridge said it expects its new stock to continue trading on the Pink Sheets under the ticker symbol TRBR, and will no longer be filing reports with the Securities and Exchange Commission.