Trailer Bridge Files for Chapter 11

Trailer Bridge Inc., which provides high cube container shipping from Florida to Puerto Rico and the Dominican Republic, has filed for bankruptcy.

The Jacksonville, Fla., company said Wednesday it filed a voluntary Chapter 11 petition in the U.S. Bankruptcy Court in Jacksonville, Fla.

The move came a day after $82.5 million in Trailer Bridge 9.25% senior secured notes matured. The company said it hopes to reorganize by the end of next year’s first quarter.

It as arranged a $15 million in debtor-in-possession loan with the help of financial advisor Global Hunter Securities LLC. The loan must be approved by the Florida court.

Trailer Bridge provides weekly U.S. flag sailings from Jacksonville to San Juan, Puerto Rico, and the Dominican Republic as well as inter-island service between the two Caribbean islands.