US petroleum barge company Bouchard Transportation has filed voluntary petitions to restructure under chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas.
Bouchard intends to fund the chapter 11 process with debtor-in-possession financing to maintain normal operations while it undertakes certain key operational restructuring initiatives, and keeping full compliance with all operating regulations.
“As part of its operational restructuring, the company will fill several key open executive management positions. The company intends to pay employees, suppliers, and other trade vendors in full in the ordinary course,” the barge company said.
Bouchard has appointed Mark Berger of Portage Point Partners, LLC to serve as chief restructuring officer during the chapter 11 process.
“Throughout this process, Bouchard aims to continue to serve its customers and trade partners and ensure the safety of its employees and fleet operations,” the firm added.
The Company will file customary first day motions that, once approved by the Bankruptcy Court, will allow the Company to smoothly transition its business into chapter 11.
Bouchard has a fleet of 25 barges and 26 tugs of various sizes, operating in the United States, Canada, and the Caribbean.