Integrated trucking and marine freight carrier Trailer Bridge announced that it filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code. The petition was filed in the U.S. Bankruptcy Court for the Middle District of Florida.

The company said the filing comes one day after its $82.5 million 9.25% senior secured notes became due. 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. The company said it hopes to complete this reorganization by the end of the first quarter of 2012, and will work closely with its existing debt holders to emerge quickly from Chapter 11.

According to bankruptcy court documents, Trailer Bridge owes Wells Fargo (as successor to Wachovia Bank) as agent and lender under a term loan secured by a first lien on eligible equipment, $4.4 million as of June 30, 2011.

Additionally, Wells Fargo (as successor to Congress Financial) was providing a $10 million revolving line of credit secured by the debtor’s eligible accounts receivable. Trailer Bridge was in default on both the term loan and revolver; however, Wells Fargo agreed to forbear from exercising remedies through November 15, 2011. As of the petition date, the debtor owed Wells Fargo $5.9 million under the revolver.

In the news release, Trailer Bridge said, subject to Bankruptcy Court approval, and with the help of its financial advisor Global Hunter Securities, it has an agreement for $15 million in debtor-in-possession, or DIP, financing. According to bankruptcy court documents, Whippoorwill Associates will provide $5 million on an interim basis, with the remaining $10 million to be funded upon entry of a final order approving the DIP loan.

The company said this financing will enable it to meet its post filing obligations in the ordinary course of business, maintain its sailing schedule and level of service and finance the costs associated with the Chapter 11 process.