Judge Hops On Freight Co.'s Ch. 11 Plan

Law360, New York (March 23, 2012, 5:10 PM EDT) -- A Florida bankruptcy judge on Thursday signed off on Jacksonville-based trucking and marine freight services company Trailer Bridge Inc.'s Chapter 11 plan, which provides for $31 million in exit financing from new majority owner Seacor Holdings Inc. and others.

U.S. Bankruptcy Judge Jerry Funk gave approval to the plan, which repays secured creditors nearly all of their claims and provides for common stockholders to get the choice of 9 percent of stock in the reorganized company or cash at 15 cents a share. Creditors will receive...
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