Trailer Bridge Finalizes Senior Loan Amendment
Trailer Bridge, Inc. announced the execution of an amendment to its financing agreement with GE Capital and the addition of four new members to the Company’s Board of Directors. The amendment with GE Capital waives past non-compliance with certain covenants and establishes new financial covenants that the Company is confident it will remain in compliance with. Trailer Bridge has a $15 million revolving credit facility, with actual draws determined by a borrowing base formula. At March 31, 2002, the amount outstanding under this facility was $4.7 million. The Company also has approximately $10.3 million outstanding under a term loan facility with GE Capital. The Company also announced that Peter S. Shaerf has joined the board and that Malcom P. McLean, Jr., Greggory B. Mendenhall and F.
Containership Volume To Slow
The giant containerships, which act as a floating conveyor-belt for international trade, are struggling to maintain volumes in the face of global slow down, shipping analysts said. "The continued recession environment will act as a plague on the markets," said a recent report by the New York-based Commonwealth Group. Analysts said it was the container carrying behemoths on the trans-Pacific trades that had started to suffer first, largely because of U.S. slow down. Many can load over 6,000 truck-sized units at once, packed with anything from refrigerated fruit and shellfish through to televisions and cars. "My impression is the transPacific…
