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Trailer Bridge – 11 also in its Future

On Wednesday, Trailer Bridge, Inc., unable to resolve its creditor issues, voluntarily filed for Chapter 11 in the Bankruptcy Court for the Middle District of Florida. The filing came one day after it’s $89.5 million of 9.25% Senior Secured Notes came due, likely triggering cross defaults in the Wells Fargo term loan of $4.4 million, the revolver also with Wells Fargo of approximately $5.9 million, the $5.1 million of 7.07% MARAD Bonds due in 2022 and $8.6 million of 6.52% MARAD bonds due in 2023. The company believes this action was the quickest and most efficient way to restructure its balance sheet and ensure the long-term strength of its operations.

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Written by: | Categories: Freshly Minted, The Week in Review | November 17th, 2011 |

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