Privately-held Bouchard Transportation Co., Inc., the largest independently-owned ocean-going petroleum barge company in the U.S., said today that it and certain of its subsidiaries have filed voluntary petitions to restructure under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas.
Bouchard intends to fund the Chapter 11 process with debtor-in-possession financing, which will provide it with the necessary liquidity to maintain normal operations while it undertakes certain key operational restructuring initiatives, including ensuring that its fleet is in full compliance with all operating regulations, and will emerge as a stronger enterprise positioned for long-term success.
As part of its operational restructuring, the company will fill several key open executive management positions. It says that it intends to pay employees, suppliers, and other trade vendors in full in the ordinary course.
Bouchard has appointed Mark Berger of Portage Point Partners, LLC to serve as chief restructuring officer during the Chapter 11 process.
Bouchard says that, throughout this process, it aims to continue to serve its customers and trade partners and ensure the safety of its employees and fleet operations.
The company says it will file customary first day motions that, once approved by the Bankruptcy Court, will allow it to smoothly transition its business into Chapter 11.
Kirkland & Ellis LLP and Jackson Walker LLP are acting as the company’s legal counsel, Portage Point Partners, LLC is serving as restructuring advisor, and Jefferies LLC is acting as investment banker.
Court filings and other documents related to the court-supervised process are available HERE