Bouchard Transportation to Seek Votes on Chapter 11 Plan

Barge operator Bouchard Transportation Co. won court approval to solicit votes for its plan to sell its assets and wind down the business in bankruptcy.

The plan would distribute the sale proceeds to creditors according to the bankruptcy code’s priority scheme. It also would create a litigation trust to prosecute the company’s legal claims for the benefit of its creditors.

Secured creditors, with about $164 million in claims, would recover from the sale of property that serves as collateral to their loans.

The disclosure statement, conditionally approved Wednesday, doesn’t estimate the total expected recovery amount. The disclosures also don’t ...