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Trailer Bridge Announces Successful Emergence from Bankruptcy

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.”

Improving Operations

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

  • Under the Company’s restructuring, the Company’s largest public note holders (the “Majority Note Holders”) including SEACOR Holdings Inc. and Whippoorwill Associates, Inc., which collectively represented a majority of the $82.5 million, 9.25% Senior Secured Notes (the “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.

Company Receives Exit Financing of $31.5 Million

  • Certain of the Majority Note Holders provided $31.5 million in exit financing as part of the Company’s plan.

All Unsecured Creditors and Vendors to be Paid Pre-Filing Claims

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

Equity Holders To Receive Cash Payment or Equity Position in New Company

  • 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.

Company to Continue to Trade Under Ticker “TRBR”

  • Trailer Bridge 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.

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 website.

Forward-Looking Statements

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,

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