Ocean shipping company Trailer Bridge has exited Chapter 11 protection, a Transport Topics article announced. With its emergence from bankruptcy, the company will now be majority owned by Seacor Holdings.

Trailer Bridge’s exit follows U.S. Bankruptcy Judge Jerry Funk’s approval of the company’s reorganization plan in the U.S. Bankruptcy Court for the Middle District of Florida.

Seacor and fellow bondholder Whippoorwill Associates will provide Trailer Bridge with %82.5 million in exit financing in exchange for $65 million in new notes in the company, the article said.

According to an 8-K filing, on March 16, 2012, the court confirmed the company’s second amended plan of reorganization, which provides that all existing shares of common stock will be cancelled on the effective date of the plan and new shares of common stock will be issued.

Except as otherwise noted, holders of allowed claims against the debtor will receive, in exchange for such claim, an amount in cash equal to the allowed amount of such claim. Holders of claims in respect of obligations under the Wells Term Loan and Security Agreement, dated June 14, 2007 and the Wells Loan and Security Agreement, dated April 23, 2004 will receive in exchange for such claims an amount in cash equal to the allowed amount of such claims. The MARAD 6.52% and 7.07% Indentures will be reinstated. Holders of claims in respect of obligations pursuant to the 9.25% Senior Secured Notes Due 2011 Indenture, dated as of December 1, 2004, shall receive that holder’s pro rata share of a new note in the principal amount of $65 million. Holders of the 9.25% Notes shall also receive their pro rata share of 48,950 shares of new common stock which will represent at least 91% of the company’s outstanding shares of common stock.

Holders of general unsecured claims shall receive their pro rata share of a reserve, initially funded in the amount of $3.5 million.

To read the Transport Topics article in its entirety, click here.

Previously on monitordaily.com: Trailer Bridge Reaches Agreement With Noteholders, published January 19, 2012