🚂New Chapter 11 Bankruptcy Filing - TRM NRE Holding LLC🚂
After beef with lender Great Rock, provider of locomotive/rail equipment services files to find new source of capital.
On April 21, 2026, TRM NRE Holding LLC and TRM NRE Acquisition LLC (together, the “debtors”) filed chapter 11 bankruptcy cases in the District of Delaware (Judge Owens). The debtors are providers of locomotive, marine, and engine services, specializing in remanufacturing, rebuilds, repair, modernization and maintenance; they were acquired by TRM Equity Fund II LP in May ‘23 and funded by GRC SPV Investments LLC, acting through its agent, Great Rock Capital Partners Management LLC (“Great Rock”), pursuant to a loan and security agreement entered into in March ‘25 (the “loan agreement”). According to the debtors, it’s solely due to that last part involving the loan agreement — under which the debtors owe approximately $20.2mm (ex-interest)* — that they’ve landed in chapter 11. Per CEO Shaun Karn:
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