US petroleum barge operator Bouchard Transportation has filed voluntary petitions to restructure under chapter 11 in the United States Bankruptcy Court.
The company intends to fund the chapter 11 process with debtor-in-possession financing, which is expected to 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 will fill several key open executive management positions.
Bouchard said it intends to pay employees, suppliers, and other trade vendors in full in the ordinary course.
“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 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 said in a release.
Founded in 1918, Bouchard Transportation is the largest independently-owned ocean-going petroleum barge company in the US. It currently operates 25 barges and 26 tugs of various sizes in the United States, Canada, and the Caribbean.