Trailer Bridge Inc. on Tuesday, Jan. 17, announced that it has reached an agreement with its major note holders and submitted a restructuring plan to the U.S. Bankruptcy Court for the Middle District of Florida on Jan. 14. If the plan is approved, the Jacksonville, Fla.-based company will seek to emerge from Chapter 11 by the end of March.
Trailer Bridge said that throughout this process, the company has provided uninterrupted service to its customers and continued its normal vessel sailing schedule between Jacksonville, Florida, San Juan, Puerto Rico and the Dominican Republic.
“We are very pleased to have reached an agreement that strengthens our ability to provide quality service to our customers,” said William G. Gotimer Jr. and Mark A. Tanner, the company’s co-chief executive officers, via a joint press statement. “We have worked diligently to keep customers, vendors, employees and shareholders apprised of our progress, and greatly appreciate their support. We expect to emerge from this process with a revitalized balance sheet and a stronger company.”