Trailer Bridge Emerges From Bankruptcy

Trailer Bridge Inc., which provides ocean shipping between Florida, Puerto Rico and the Dominican Republic, has emerged from Chapter 11 with Seacor Holdings as its new majority owner.

Judge Jerry Funk in the U.S. Bankruptcy Court for the Middle District of Florida in Jacksonville on Wednesday confirmed the company’s reorganization plan.

Under the terms of the plan, Seacor and fellow bondholders Whippoorwill Associates and Edge Asset Management get a $65 million debt instrument and 91% of a reorganized Trailer Bridge.

Seacor, Whippoorwill and Edge provided $31 million in exit financing, court papers said.

The reorganization plan also allows secured creditors to be paid 95% to 100% of their claims in cash while holders of common stock get 9% of new stock.