Bouchard Transportation assets set for bankruptcy auctionWritten by Nick Blenkey
The assets of petroleum tank barge specialist Bouchard Transportation Company, which filed for Chapter 11 bankruptcy September 28, 2020, are to be auctioned off.
A notice of auction for the “sale of the debtors’ assets free and clear of any and all claims, interests, and encumbrances” was filed with the U.S. Bankruptcy Court for the Southern District of Texas on June 9, sets a bid deadline of July 16, 2021, at 5:00 p.m. (prevailing Central Time), and says the sale will begin July 19, 2021, at 10:00 a.m. (prevailing Central Time) via videoconference “or such other form of remote communication arranged by counsel.”
The debtors expect to seek approval of any sales at a hearing, presently scheduled to commence July 23, 2021 before the Honorable David R. Jones in the U.S. Court House in Houston.
MELVILLE EMPLOYEES FACE LAYOFFS
A WARN notice filed with the New York State Department of Labor Office of Dislocated Workers Program by Bouchard Transportation Company, Inc. Chief Restructuring Officer Matthew D. Ray says that “the company is currently in the process of seeking a purchaser of Bouchard or its assets which may also elect to continue the employment of all or a substantial number of employees. Otherwise, depending on the terms of a purchase transaction, the company may need to engage in employee layoffs that may begin on July 15, 2021, and continue through August 15, 2021.”
The notice says that if the company closes its Melville, N.Y., facility it is expected that the majority of (or all) of the 108 employees located at the facility will be permanently terminated.