Bouchard secures financing, will begin back pay for crews

The following is text of a letter to company staff, customers and vendors from Morton Bouchard III, president and CEO of Bouchard Transportation Inc.:

The past two months, Bouchard Transportation Co. Inc. has been faced with enormous challenges both financially and operationally.

Bouchard has the best tug and barges in the industry supported by the best vessel employees, advisers and management.

Over the weekend, Bouchard was able to close on financing to start paying back vessel wages and meet other outstanding indebtedness, necessary to meet all our obligations.

This could not be better news.

Last week I was happy to inform you that Bouchard Transportation Co. Inc. was issued a DOC (Document of Compliance required by the Coast Guard) for 90 days.

And now with financing in place and as we all focus on stabilizing the company, I wish to assure everyone that we will continue to work toward returning the company to fully meeting the high expectations of our clients, vendors and valued employees.

I want to thank you all.

— Mort Bouchard

Click here to read an archived story on Coast Guard action against the company.

By Professional Mariner Staff