Reuters: Regulatory News: UPDATE 1-Trailer Bridge emerges from bankruptcy

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UPDATE 1-Trailer Bridge emerges from bankruptcy Apr 2nd 2012, 21:59 Mon Apr 2, 2012 5:59pm EDT * Says receives $31.5 mln in exit financing * Says largest note holders to receive 91 pct of new shares April 2 (Reuters) - Trucking and marine freight service provider Trailer Bridge Inc said it had emerged from bankruptcy, more than four months after it filed for Chapter 11 protection in a U.S. court. Trailer Bridge said it received $31.5 million in exit financing from its new majority shareholders, including Seacor Holdings Inc and Whippoorwill Associates, allowing it to pay its unsecured creditors. Seacor and Whippoorwill, which were Trailer Bridge's largest note holders before the restructuring, will receive at least 91 percent of new stock in the company and retain a $65 million debt instrument. Seacor will become the company's largest stakeholder and have three seats on the board, Trailer Bridge said in a statement. Last November, the Jacksonville, Florida-based company filed for bankruptcy protection and said it expected restructuring to close by the first quarter of 2012. The company expects its new stock to continue trading on the pink sheets under the ticker symbol "TRBR,", and said it will no longer file reports with the U.S. Securities and Exchange Commission. Link this Share this Digg this Email Reprints

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