Trailer Bridge, Inc. announced that it emerged from Chapter 11 proceedings.

William G. Gotimer, Jr. and Mark A. Tanner, the company’s co-chief executive officers, jointly stated, “Today marks the beginning of a new era for Trailer Bridge. While we are pleased to announce today’s developments, we are most proud of the fact that throughout the bankruptcy period we have successfully and consistently met the needs of our customers and vendors. Trailer Bridge has a young fleet of vessels and a cost-friendly model that provides significant benefits to our customers. With this new capital structure and ownership we believe we can improve our service in a number of ways to the benefit of all concerned.”

Throughout the process, Trailer Bridge continued to provide uninterrupted service to its customers and operated on its normal vessel sailing schedule between Jacksonville, FL; San Juan, Puerto Rico; and the Dominican Republic.

Trailer Bridge had originally submitted a restructuring plan to the United States Bankruptcy Court for the Middle District of Florida on January 14, 2012, which was approved by a federal judge on March 16, 2012.

The details on the company’s bankruptcy include the following key components:

  • Under the company’s restructuring, the company’s largest public noteholders (the majority noteholders) including SEACOR Holdings Inc. and Whippoorwill Associates, Inc., which collectively represented a majority of the $82.5 million, 9.25% Senior Secured Notes, will receive at least 91% of new stock in Trailer Bridge and retain a $65 million debt instrument. As a result, SEACOR Holdings Inc. is now the company’s largest stakeholder, will have three seats on the Board of Directors, and intends to use its extensive maritime transportation experience to assist the Company in implementing its strategy to return to profitable operations.

  • Some of the majority noteholders, including SEACOR Holdings and Whippoorwill Associates provided $31.5 million in exit financing as part of the company’s plan.

  • As a result of Trailer Bridge securing $31.5 million in exit financing from its majority noteholders, the company will pay unsecured creditors and contract parties 95-100% payment on its pre-filing claims.

  • Holders of Trailer Bridge equity will receive a cash payment of $0.15 per share. Those shareholders that hold more than 2,500 shares will have the option to elect to receive their share of 9% of the reorganized Company’s common equity.

    Trailer Bridge provides integrated trucking and marine freight service to and from all points in the lower 48 states and Puerto Rico and Dominican Republic.

    Previously on abfjournal.com:

    Trailer Bridge to Exit Chapter 11 Protection, Friday, March 23, 2012

    Trailer Bridge Files Final Version of Chapter 11 Plan, Thursday, February 16, 2012