Daily News: February 16, 2012

Trailer Bridge Files Final Version of Chapter 11 Plan

Truck freight carrier Trailer Bridge has filed a revised Chapter 11 reorganization plan and disclosure statement in the U.S. Bankruptcy Court for the Middle District of Florida. The court slated a hearing for March 16 to confirm the plan and relating disclosure statement, a BusinessWeek article said.

The plan provides that secured noteholders, owned $86.3 million, would get a new $65 million secured note as well as some stock – all for a 75% recovery, the article noted. Unsecured creditors will split about $3.5 million in cash.

Trailer Bridge previously filed a version of its plan in January.

To read the BusinessWeek article in its entirety, click here.

Previously on abfjournal.com:

Trailer Bridge Reaches Agreement With Noteholders, Wednesday, January 18, 2012