Bankrupt Bouchard Transportation’s Plan to Wind Down Approved

Bouchard Transportation Co., a barge and tug operator for the oil industry, won bankruptcy court approval of its plan to wind down its business and pay creditors.

The plan, approved at a hearing Thursday, includes a settlement with the unsecured creditors committee and secured lender Wells Fargo Bank NA.

In its settlment with Wells Fargo, the bank will be released from liability. In exchange, it contribute $15 million in cash to Bouchard’s bankruptcy estate and waives certain claims. Wells Fargo also will wait until the first $20 million of general unsecured claims is paid out before receiving anything for ...