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Bouchard Gets $29 Million After ‘Emergency’ Bankruptcy Filing

Oct. 22, 2020, 4:28 PM

Bouchard Transportation Co., a tug and barge operator that serves major energy companies, won interim bankruptcy court approval to access $29 million in new financing on Thursday.

  • The loan is from Hartree Partners -- an entity sponsored by Oaktree Capital Management -- and totals $60m, but the court still needs to approve the final draw
    • “This is just one of the easiest DIPs I’ve looked at lately,” U.S. Bankruptcy Judge David Jones said in the hearing
  • Bouchard’s assets exceed its liabilities, but the firm had to file an “emergency” bankruptcy to halt a foreclosure sale in Louisiana, Ryan Bennett ...