Bouchard says it has closed on financing

Melville, N.Y., based Bouchard Transportation Co., whose recent problems have been well-publicized, says that it has been “able to close on financing to start paying back vessel wages and meet other outstanding indebtedness, necessary to meet all our obligations.”

Following is the text of a letter sent to staff, customers and vendors by President and CEO Morton S. Bouchard III

To Bouchard Valued Staff, Customers and Vendors:

The past two months, Bouchard Transportation Co Inc. has been faced with enormous challenges both financially and operationally.

Bouchard has the best tug and barges in the industry supported by the best vessel employees, advisors and management.

Over the weekend Bouchard was able to close on financing to start paying back vessel wages and meet other outstanding indebtedness, necessary to meet all our obligations.

This could not be better news.

Last week I was happy to inform you that Bouchard Transportation Co Inc. was issued a DOC for 90 days.

And now with financing in place and as we all focus on stabilizing the company, I wish to assure everyone that we will continue to work towards returning the company to fully meeting the high expectations of our clients, vendors and valued employees.

I want to thank you all.

Mort Bouchard