Trailer Bridge to Remain on Nasdaq National Market

Tuesday, August 13, 2002
Trailer Bridge, Inc. has been notified by the Nasdaq Listing Qualifications Panel that, based upon a transaction it finalized today, it has regained compliance with Nasdaq’s maintenance standards and its common stock will continue to be listed on The Nasdaq National Market. Upon receipt of the favorable decision of the Nasdaq Listing Qualifications Panel, Trailer Bridge completed the exchange of $20,378,615 of inter-company debt, the entire amount outstanding at March 31, 2002, to its affiliate Kadampanattu Corp. (“K Corp.)” into non-convertible preferred stock. The exchange had been previously approved by both companies’ boards of directors and was conditioned solely upon a favorable response from the Nasdaq Listing Qualifications Panel. Under the terms of the new preferred stock, no dividends will accrue until April 1, 2003. Commencing on that date, dividends will accrue at 90-day LIBOR plus 350 basis points. Starting in 2004, the dividend rate will increase 25 basis points per quarter up to a maximum dividend rate of 90-day LIBOR plus 650 basis points. Including the effect of this transaction, Trailer Bridge’s proforma tangible net worth would have exceeded $11 million at June 30, 2002, a level well above Nasdaq requirements. Trailer Bridge believes it will remain in compliance with Nasdaq listing requirements. “We are grateful to K Corp. for agreeing to this change. We are also appreciative for the insight of the listing panel in recognizing that the facts related to our company, our sector and our present point in a specific cycle justify Trailer Bridge’s continued listing on The Nasdaq National Market,” said John D. McCown, Chairman & CEO.
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

St. Lawrence Seaway Workers Extend Strike Deadline

The union that represents workers on the St. Lawrence Seaway, the waterway that links the Great Lakes and the Atlantic Ocean, has extended a strike deadline to Monday at 5 p.

Mitsubishi Exits Cruise Business; Books $357m Loss

Mitsubishi Heavy Industries, Ltd. (MHI) announced its decision to book an extraordinary loss from its cruise ship business in the company's consolidated financial

China to Import 335 MT of Naphtha, Wants More

China is set to import more than 335,000 tonnes of naphtha and diesel, rare moves for the world's no. 2 oil consumer given it has been self-sufficient at meeting domestic oil product demand,

 
 
Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1648 sec (6 req/sec)