The pandemic claimed another company within the distressed oil and gas sector, as Bouchard Transportation Co., Inc. announced its Chapter 11 filing on September 28, 2020.
Bouchard is the largest independently-owned, ocean-going petroleum barge company in the U.S. operating nationwide, in Canada, and in the Caribbean.
The filing includes some of the corporation’s subsidiaries, and Bouchard intends to fund the process with debtor-in-possession financing. Through this approach, the company seeks liquidity necessary to maintain normal operations.
Furthermore, Bouchard said in its statement obtained by The Buttonwood Tree that it would pay employees, suppliers, and vendors in full. The company will also fill its vacant executive management positions as part of its operati...