Bouchard Transportation and certain subsidiaries of the company filed voluntary petitions to restructure under Chapter 11 of the United States Bankruptcy Code. Bouchard appointed Mark Berger of Portage Point Partners to serve as chief restructuring officer during the Chapter 11 process.
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 operational restructuring initiatives, including to ensure the fleet is in full compliance with all operating regulations. As part of its operational restructuring, the company 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.
Kirkland & Ellis and Jackson Walker are acting as Bouchard’s legal counsel, Portage Point Partners is serving as restructuring advisor and Jefferies is acting as investment banker.
