- Current report filing (8-K)
October 25 2011 - 9:47AM
Edgar (US Regulatory)
SECURITIES AND EXCHANGE
COMMISSION
Washington, DC 20549
FORM 8-K
Current Report
pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported) October 24, 2011
TRAILER BRIDGE, INC.
(Exact name of registrant as specified in its charter)
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Delaware
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000-22837
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13-3617986
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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10405 New Berlin Road East
Jacksonville, Florida
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32226
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(Address of principal executive offices)
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(Zip Code)
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Registrants telephone number including area code:
(904) 751-7100
Not Applicable
(Former name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230 .425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 1.01 Entry into a Material Definitive Agreement.
Effective October 24, 2011, Trailer Bridge, Inc. (the Company) entered into two Forbearance Agreements (the
Forbearance Agreements) related to its revolving credit facility (the Revolving Credit Facility) and term loan and security agreement (the Loan Agreement) by and among Wells Fargo Bank, N.A., in its capacity as
agent (Wells Fargo), and the financial institutions from time to time party thereto (collectively, the Lenders).
The Revolving Credit Facility provides, among other things, that the failure of the Company to refinance its Senior Secured Notes by October 15, 2011 is an event of default. As of the date hereof,
the Company has not refinanced its Senior Secured Notes. The Loan Agreement provides that an event of default under the Revolving Credit Facility is an event of default under the Loan Agreement.
The Forbearance Agreements provide that the Lenders agree to forbear exercising their rights and remedies until October 31, 2011
provided no additional events of default occur. In exchange for the Forbearance Agreements, the Company paid a fee of $15,000 and executed a general release in favor of the Lenders and Wells Fargo for any claims related to the Revolving Credit
Facility and the Loan Agreement that the Company had prior to or as of the date of the Forbearance Agreements. Failure to cure the default by October 31, 2011 will result in the acceleration of the obligations due under the Revolving Credit
Facility and the Loan Agreement. As of October 15, 2011, approximately $6.1 million was drawn on the Revolving Credit Facility and $4.4 million was drawn on the Loan Agreement.
If the Company is unable to cure the event of default or obtain a waiver or additional forbearance and the amounts due are accelerated,
such acceleration, if uncured, may be considered an event of default giving rise to acceleration of the amounts due under the Companys Senior Secured Notes.
The description of the Forbearance Agreements set forth above is qualified by reference to the Forbearance Agreements filed herewith as Exhibits 10.1 and 10.2, which Exhibits are incorporated herein by
reference.
Item 9.01 Financial Statements and Exhibits.
(d):
Exhibit 10.1: Forbearance agreement dated October 15, 2011 related to
the Revolving Credit Facility
Exhibit 10.2: Forbearance agreement dated October 15, 2011 related to the Loan Agreement.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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TRAILER BRIDGE, INC.
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Date: October 25, 2011
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By:
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/s/ William G. Gotimer, Jr.
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William G. Gotimer, Jr.
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Co-Chief Executive Officer and General Counsel
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