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Bankruptcy Plan effective. All shares cancelled.
http://www.otcbb.com/asp/dailylist_detail.asp?d=04/04/2012&mkt_ctg=NON-OTCBB
March 16th - out of BK
http://www.otcmarkets.com/stock/TRBRQ/news
9. Class 9: Old Common Interests
a. Interests in Class: Class 9 consists of all Allowed Old Common Interests of
the Debtor.
b. Treatment: The legal, equitable and contractual rights of the holders of Old
Common Interests are Impaired under the Plan and will receive no recovery. If Class 8: General
Unsecured Claims votes to accept the Plan, and the General Unsecured Reserve (which shall include any
Cash contribution permitted in Article III.E.8(b) above, excess Cash from the Miscellaneous Secured
Reserve, and excess Cash from the Cure Reserve) is adequate to provide a distribution of at least 85% to
holders of Allowed Class 8: General Unsecured Claims, then on the Effective Date, or as soon as
practicable thereafter, each holder of an Allowed Class 9: Old Common Interest shall elect to receive in
full satisfaction, settlement, release, and discharge of, and in exchange for such Interest and on the terms
and conditions set forth more fully in the Plan either: (i ) a Cash payment of $0.15 per share; or (ii) subject
to Article V.D hereof (providing that no fractional New Common Stock shares shall be issued or
distributed) such holder’s Pro Rata share of Equity Consideration; provided that each unit of Equity
Consideration shall not be separable, so that the New Common Stock and the New Warrants comprising
such units shall not be separately conveyed. In the event a holder of an Allowed Class 9: Old Common
Interest holds less than 2,500 shares, such holder will receive a Cash payment of $0.15 per share; and
provided further, however, that to the extent a holder of an Allowed Class 9: Old Common Interest elects
or otherwise receives the cash payment of $0.15 per share referenced above, such holder’s Pro Rata share
of the Equity Consideration shall not be issued to such holder. For the avoidance of doubt, if Class 8:
General Unsecured Claims votes to reject the Plan, the holders of Class 9: Old Common Interests will
receive no recovery.
http://www.kccllc.net/documents/1108348/1108348120209000000000004.pdf
That is what attorneys do, after all attorneys are satisfied that they have bleed enough "fees" they all sit down and have drinks at the club and figure out who is gonna lose and who will win.
It's a crap shoot til the judge signs the final draft of the deal.
JMO
"... not only is the Debtor violating the absolute priority rule by distributing assets to existing equity under Class 9 and the New Management Incentive Plan, it is asking creditors to bear 100% of the risk associated with the DOJ investigation as well as any other government claims that may be asserted."
http://www.kccllc.net/documents/1108348/1108348120124000000000001.pdf
9. Class 9: Old Common Interests
a. Interests in Class: Class 9 consists of all Allowed Old Common Interests of
the Debtor.
b. Treatment: The legal, equitable and contractual rights of the holders of Old
Common Interests are impaired by the Plan. On the Effective Date, or as soon thereafter as is practicable,
each holder of an Allowed Old Common Interest will receive in full satisfaction, settlement, release, and
discharge of, and in exchange for such Interest either: (i) a cash payment of $0.15 per share; or (ii) such
holder’s Pro Rata share of: (x) 9% of the outstanding shares of New Common Stock and (y) each of the
Tranche 1 and Tranche 2 Warrants; provided, however, that in the event a holder of an Allowed Old
Common Interest does not affirmatively elect to receive either of the options set forth in (i) and (ii), then
such holder will receive a cash payment of $0.15 per share.
A number of creditors would disagree...
.30 - It's a start towards a dollar I guess.
But someone somewhere realizes the value because there is buying every day.
Just imagine where this could go if there was some interest.
Hellllllooooo Bilco
8K with POR Jan 18th.
http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=8341115
It would appear the meeting went(or is) going well.
Tomorrow is the Creditors meeting (Jan 18th), I'm guessin we see some movement up or down ----- I think it will be going higher.
It keeps moving higher..... creditor meeting getting closer.....hummmmmmm, very interesting.
Dec 6 8K Letter to employees,vendors,customers
Almost two weeks have passed since we filed for Chapter 11 protection under the Federal Bankruptcy Code. During that time we have received
the support of our customers, vendors and employees and maintained our operations seamlessly for the benefit of our shareholders and
creditors.
Among the matters to highlight:
We thank each of the constituencies named above and ask for your continued support as we move forward towards a stronger balance sheet and
stronger company via this process.
• We have maintained the support of our customers allowing us to continue to have improved capacity utilization.
• We continue to renew contracts with customers for 2012.
• We have secured financing for the Chapter 11 process and maintain strong cash balances.
• We are paying our operating expenses on time while maintaining our vendor relationships and establishing new vendor
relationships.
• We are actively seeking input from our vendors to help us make our operations even more efficient.
• Our employees have worked tirelessly to maintain our service levels during a period where we have had high capacity utilization
and added work due to the Chapter 11 filing.
• After delays caused by weather last month this week we reset our vessel schedules and by next week we will have all of our vessels
back on their normal schedule.
• We have had two court hearings and secured a number of necessary and helpful orders from the court.
• We continue to work with creditors to work towards our exit from Chapter 11.
• We filed our third quarter Form 10-Q and issued a release of our results for the period.
• Our stock continues to trade on a daily basis.
Creditors meeting is scheduled for Jan 2012
http://www.kccllc.net/documents/1108348/1108348111123000000000003.pdf
OS 12,102,587 (Nov 14th). I like this better and better every time I look deeper.
Look for continued gains, DIP financing arranged.
http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=8257743
Trailer Bridge Reports 2011 Third Quarter and Nine Month Financial Results
Monday 21 November 2011
Trailer Bridge, Inc. (Nasdaq: TRBR) today announced unaudited financial results for its third quarter and nine months ended September 30, 2011 (see attached tables).
Operational Review
The Company’s primary business is to transport freight from its origination point in the continental United States to San Juan, Puerto Rico and Puerto Plata, Dominican Republic (“Southbound”) and from San Juan, Puerto Rico and Puerto Plata, Dominican Republic to its destination point in the continental United States (“Northbound”).
The Company’s Southbound vessel capacity utilization improved to 93.6% for the three months ended September 30, 2011, compared to 90.3% for the three months ended September 30, 2010 and 91.2% for the three months ended June 30, 2011. Southbound vessel capacity thus far in the fourth quarter is 103.2% with the past 5 weeks above the 100% mark.
The Company operates in an unbalanced trade lane, with the majority of freight moving Southbound from the continental United States to its two island destinations. Vessel capacity utilization Northbound to the United States was 24.8% for the three months ended September 30, 2011, compared to 25.6% for the three months ended September 30, 2010 and 24.1% for the three months ended June 30, 2011.
Comments from Management
William G. Gotimer, Jr. and Mark A. Tanner, the Company’s co-Chief Executive Officers, jointly stated, “Trailer Bridge remains committed to our employees and our shipping customers. Our recent decision to restructure the balance sheet of the Company will strengthen our ability to provide consistent service between the mainland, Puerto Rico, and the Dominican Republic. We are also seeing operating trends moving in the right direction. Through the first seven weeks in the current fourth quarter, we have seen marked improvement in all aspects of our operations, including higher revenues, and volume increases. We have achieved this in what has been a period of perceived uncertainty regarding our refinancing efforts. Our entire Company is focusing on what has made Trailer Bridge successful since its founding 20 years ago; reliably and efficiently moving freight for our customers. We have the most modern fleet in the Caribbean, and believe our value proposition to shippers provides cost-efficiencies that are valued in this economic climate. Upon the completion of this process, we expect to emerge a stronger company financially. Thanks to the support of our employees, vendors, and customers, we had no disruptions of any kind in the past week and expect to continue providing quality service to our shipper clientele.”
2011 Third Quarter Financial Review
•The Company had revenue of $31.1 million during the quarter, a 6.1% increase compared to $29.3 million in the prior year period, and up approximately 7.2% sequentially from the second quarter of 2011.
•Trailer Bridge’s operating income for the three month period ended September 30, 2011, was $0.7 million compared to $2.5 million in the same period of the previous year. The decrease was largely due to higher inland purchased transportation, fuel, and operating and maintenance expenses during the period.
•The Company reported a net loss of $1.9 million, or $0.16 per basic share and diluted share for the three months ended September 30, 2011, compared to net income of approximately $6,900, or $0.00 per basic share and diluted share, in the same period in 2010. However, this was a substantial improvement over a net loss of $3.6 million reported sequentially in the second quarter of 2011.
•Adjusted EBITDA, as detailed in the accompanying table, was $2.4 million in the third quarter of 2011.
Strategic Restructuring
As announced on November 16, 2011, the Company filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code upon its $82.5 million 9.25% Senior Secured Notes (“Notes”) becoming due. The Company hopes to complete this reorganization by the end of the first quarter of 2012. The Company believes that this action is the quickest and most efficient way to restructure its balance sheet and ensure the long-term strength of its operations.
Trailer Bridge has received approval from the bankruptcy court to receive $15 million in debtor-in-possession, or DIP, financing to meet its post filing obligations, and will continue operating under its usual course of business throughout the process. Trailer Bridge management again reiterates that it does not expect any reduction in its workforce or vessel deployment and will continue to provide its reliable weekly sailings between Jacksonville, Florida, and San Juan, Puerto Rico, weekly sailings between Jacksonville, Florida, and the Dominican Republic, as well as weekly inter-island service between Puerto Rico and the Dominican Republic.
The petition was filed in the U.S. Bankruptcy Court for the Middle District of Florida. Additional information and court documents related to the bankruptcy can be located at www.kccllc.net/TrailerBridge. Throughout this process, the Company is available to answer any questions that its shareholders, employees, or customers may have throughout this process.
As previously announced, the Company expects to cease trading on the Nasdaq Stock Market as of the opening of the stock market on November 28, 2011. With the filing of these financial reports, the Company now believes that it will begin trading on the OTC Bulletin Board (“OTC BB”) under the ticker symbol “TRBR”.
The Company will continue to file periodic reports with the SEC pursuant to the requirements of the Securities Exchange Act of 1934 as amended.
About Trailer Bridge, Inc.
Trailer Bridge provides integrated trucking and marine freight service to and from all points in the lower 48 states and Puerto Rico and Dominican Republic, bringing efficiency, service, security and environmental and safety benefits to domestic cargo in that traffic lane. This total transportation system utilizes its own trucks, drivers, trailers, containers and U.S. flag vessels to link the mainland with Puerto Rico via marine facilities in Jacksonville, San Juan and Puerto Plata. Additional information on Trailer Bridge is available at the www.trailerbridge.com website.
Why not read the filing before calling for share cancellation???
To save you some time --- #25 and #26 shows their intentions in regards to Equity.
The stock recovered very well after that market order dropped it.
Thanks for playing, if pps continues lower and holds lower feel free to come back and do the "I told ya so" bit.
If you have a link showing shares getting cancelled, by all means post the link.
New 52-week low .0377 was created last Friday! When will the insider
cancel all the common shares?
The news this morning was not a surprise since they declared their BK filing on the 16th.
Trailer Bridge, Inc. (“Trailer Bridge” or the “Company”) (NASDAQ: TRBR) today announced that its stock will be delisted as of the opening of business on November 28, 2011 and that Nasdaq will file a Form 25-NSE with the Securities and Exchange Commission, which will remove the Company’s securities from listing and registration on Nasdaq. This decision by Nasdaq comes following the Company’s announcement on November 16, 2011 that it filed a petition for protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Middle District of Florida.
After the Company’s common stock is delisted by Nasdaq, it may trade on the OTC Bulletin Board (“OTC BB”) or the Pink OTC Markets, Inc. (the “Pink Sheets”), but only if a market maker applies to quote the Company’s common stock.
The Company will continue to file periodic reports with the SEC pursuant to the requirements of the Securities Exchange Act of 1934 as amended.
Additional information and court documents related to the bankruptcy can be located at www.kccllc.net/TrailerBridge.
About Trailer Bridge, Inc.
Trailer Bridge provides integrated trucking and marine freight service to and from all points in the lower 48 states and Puerto Rico and Dominican Republic, bringing efficiency, service, security and environmental and safety benefits to domestic cargo in that traffic lane. This total transportation system utilizes its own trucks, drivers, trailers, containers and U.S. flag vessels to link the mainland with Puerto Rico via marine facilities in Jacksonville, San Juan and Puerto Plata.
Additional information on Trailer Bridge is available at the www.trailerbridge.com website
Picked up a starter at .06 today. Let's see how she plays out.
This one may provide what I'm looking for.
I will provide DD should I choose to invest and stay.
Company Contact Info
Address
10405 New Berlin Road East
Jacksonville, FL 32226
Telephone
(904) 751-7100
Fax
(904) 751-7444
Website
http://www.trailerbridge.com
Company Overview
Trailer Bridge, Inc. (Trailer Bridge) is an integrated trucking and marine freight carrier that provides freight transportation between the continental United States, Puerto Rico and the Dominican Republic. As of December 31, 2009, Trailer Bridge operated a fleet of 134 tractors, consisting of 80 Company-owned units and 54 leased and owner operator units, 3,924 53' high-cube containers, 3,158 53' chassis, 210 48' high-cube trailers and 299 53' Vehicle Transport Modules that transport truckload freight between the Company's Jacksonville port facility, its San Juan, Puerto Rico port facility, the Dominican Republic and inland points in the United States and Puerto Rico. In addition, the Company leased 314 40' chassis and 482 40' high-cube containers. The Company provides truckload service between inland points within the continental United States, primarily to reposition equipment in order to service loads to and from Puerto Rico.
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