New York-based barge owner Bouchard Transportation has filed for Chapter 11 bankruptcy protection in an effort to restructure up to $500mn in debt.
The company has been unable to make payments for work on its vessels in the past year and missed payments for bunker fuel purchases. The missed payments have triggered several lawsuits with claims exceeding $3mn.
Bouchard hired Illinois-based Portage Point to guide it through restructuring. In filings made in the Southern District of Texas Bankruptcy Court the company said that it will pay its employees, suppliers as well as fill several management positions as part of the restructuring.
Bouchard has also been in regulatory trouble with the US Coast Guard, which has issued enforcement actions to move tug boats anchored near Port Arthur, Texas, and New York Harbor because of safety concerns.
Bouchard owns 25 barges with capacities ranging from 35,000-260,000 bl, according to its website.

