Trailer Bridge, Inc. (“Trailer Bridge” or the “Company”) (OTC: TRBRQ) today announced that the Company 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, Florida; San Juan, Puerto Rico; and the Dominican Republic.
“We maintained strong volume throughout the period and are pleased with the support shown by our customers. The emergence from bankruptcy on our previously announced timeframe has provided financial stability for the Company and positions Trailer Bridge for improved performance,” added Messrs. Gotimer Jr. and Tanner.
Trailer Bridge had originally submitted a restructuring plan (the “Plan”) to the United States Bankruptcy Court for the Middle District of Florida (the “Bankruptcy Court”) 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:
Majority Note Holders to Assume Leadership Role
Company Receives Exit Financing of $31.5 Million
All Unsecured Creditors and Vendors to be Paid Pre-Filing Claims
Equity Holders To Receive Cash Payment or Equity Position in New Company
Company to Continue to Trade Under Ticker “TRBR”
About Trailer Bridge, Inc.
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, bringing efficiency, service, security and environmental and safety benefits to domestic cargo in that traffic lane. This total transportation system utilizes its own trucks, drivers, trailers, containers and U.S. flag vessels to link the mainland with Puerto Rico via marine facilities in Jacksonville, San Juan and Puerto Plata.
Additional information on Trailer Bridge is available at the www.trailerbridge.com website.
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The matters discussed in this press release include statements regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to the future operating performance of the Company and its asset utilization. Investors are cautioned that any such forward looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those in the forward looking statements as a result of various factors. Without limitation, these risks and uncertainties include: continued demand for the Company’s services, fuel price escalation, availability of equipment and services, and general economic conditions,