Trailer Bridge Announces Stock to Be Delisted
17 November 2011 - 10:40PM
Business Wire
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.
Forward-Looking Statements
This press release contains statements that constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. The matters discussed in
this press release include statements regarding the intent, belief
or current expectations of the Company, its directors or its
officers with respect to the future operating performance of the
Company and its asset utilization. Investors are cautioned that any
such forward looking statements are not guarantees of future
performance and involve risks and uncertainties, and that actual
results may differ materially from those in the forward looking
statements as a result of various factors. Without limitation,
these risks and uncertainties include: (i) the potential adverse
impact of the bankruptcy case on our business, financial condition
or results of operations, including our ability to maintain
contracts and other customer and vendor relationships that are
critical to our business and the actions and decisions of our
creditors and other third parties with interests in our bankruptcy
case; (ii) our ability to maintain adequate liquidity to fund our
operations during the bankruptcy case and to fund a plan of
reorganization and thereafter, including maintaining normal terms
with our vendors and service providers during the bankruptcy case
and complying with the covenants and other terms of our financing
agreements; (iii) our ability to obtain court approval with respect
to motions in the bankruptcy case prosecuted from time to time and
to develop, prosecute, confirm and consummate a plan of
reorganization with respect to the bankruptcy case and to
consummate all of the transactions contemplated by such plan of
reorganization; (iv) risks associated with third parties seeking
and obtaining court approval to terminate or shorten the
exclusivity period for the Company to propose and confirm a plan of
reorganization, for the appointment of a Chapter 11 trustee or to
convert the Chapter 11 bankruptcy case to a Chapter 7 case; and (v)
those factors identified in our filings with the Securities and
Exchange Commission as may be accessed at www.sec.gov.
The risks and uncertainties and the terms of
any reorganization plan ultimately confirmed can affect the value
of our various pre-petition liabilities, common stock and/or other
securities. No assurance can be given as to what values, if any,
will be ascribed in the bankruptcy proceedings to each of these
constituencies. A plan of reorganization could result in holders of
our liabilities and/or securities receiving no value for their
interests. Because of such possibilities, the value of these
liabilities and/or securities is highly speculative and will pose
substantial risks. Trading prices for the Company’s common stock
may bear little or no relationship to the actual recovery, if any,
by holders thereof in the bankruptcy case. Accordingly, the Company
urges extreme caution with respect to existing and future
investments in its common stock. Caution should be taken not to
place undue reliance on our forward-looking statements, which
represent our view only as of the date of this press release, and
which we assume no obligation to update.
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