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Bouchard Transportation to restructure through Chapter 11 proceeding
By Sarah Lizee
Olympia, Wash., Sept. 29 – Bouchard Transportation Co., Inc. and some of its subsidiaries filed voluntary petitions to restructure under Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas, according to a press release.
Bouchard intends to fund the Chapter 11 process with debtor-in-possession financing, which will provide the company with the necessary liquidity to maintain normal operations while it undertakes certain key operational restructuring initiatives.
As part of its operational restructuring, the company said it 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.
According to court documents, the company has $500 million to $1 billion in assets and $100 million to $500 million in debt.
The company’s largest unsecured creditors are VT Halter Marine of Pascagoula, Fla., with a $17.35 million trade claim, International Ship Repair of Tampa, Fla., with a $3.19 million trade claim, McAllister Towing and Transportation of New York, with a $2.2 million trade claim, Port Authority of NY & NJ of Philadelphia, with a $1.7 million government claim, and Providence Steamboat of Carol Stream, Ill., with a $1.34 million trade claim.
Bouchard appointed Mark Berger of Portage Point Partners, LLC to serve as chief restructuring officer during the Chapter 11 process.
Kirkland & Ellis LLP and Jackson Walker LLP are acting as the company's legal counsel, Portage Point Partners, LLC is serving as restructuring adviser, and Jefferies LLC is acting as investment banker.
Bouchard Transportation is an ocean-going petroleum barge company based in Melville, N.Y. The Chapter 11 case number is 20-34682.
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