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Trailer Bridge files for Chapter 11 protection

Trailer Bridge files for Chapter 11 protection

The company provides integrated trucking and marine freight service between 48 US states from the US Gulf, Puerto Rico and Dominican Republic. It also operates a ro–ro terminal in Puerto Nuevo in the Port of San Juan,

It is believed that the company, established in 1991 by Malcolm McLean who is considered to be the ‘founder of container shipping’ in the mid-fifties, will continue to operate its weekly services uninterrupted in order to restructure its balance sheet and ensure the long-term strength of operations.

“We fully expect to meet the needs of our customers, our commitments to employees and our obligations to suppliers during this restructuring and greatly appreciate their loyal support during this process,” said chief executive, William Gotimer in a statement.

Earlier this year Trailer Bridge posted first-half losses of US$14m. With the help of financial advisor Global Hunter Securities and US$15m in debtor-in-possession financing, it is expected that the company will meet its post-filing obligations. It hopes to complete the financial overhaul by the end of the Q1-2012.

The company has listed debts of US$118.1m and total assets of US$102.7m, which includes two triple-deck 385 trailer unit ro-ro barges that are among the largest non-self-propelled vessels in the world. It also owns five 123 m container barges.

(Source: Alphaliner)