Bouchard Secures Financing to Start Paying Crews
New York- based Bouchard Transportation Company claims it has actually protected funding to begin paying its pull and also barge teams, consisting of back pay.
“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,” President and also CHIEF EXECUTIVE OFFICER “Mort” Bouchard stated in a letter dispersed to the media.
“This could not be better news,” he stated.
Since the start of the year, Bouchard teams throughout the nation have actually been kept pay and also compelled to stay aboard their vessels at the regulation of the united state Coast Guard as Bouchard chased after funding to fulfill its commitments.
“Last week I was happy to inform you that Bouchard Transportation Co Inc. was issued a DOC for 90 days,” Mr Bouchard stated. “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 towards returning the company to fully meeting the high expectations of our clients, vendors and valued employees.”
The “DOC” describes Bouchard’s Document of Compliance certification, which is called for by the Coast Guard for individuals or firms that possess specific U.S.-flagged vessels and also accredits adequate conclusion of a safety and security monitoring audit. A spokesperson for the Bouchard stated the momentary DOC was released as Bouchard adjustments category cultures to DNV GL.
“The past two months, Bouchard Transportation Co Inc. has been faced with enormous challenges both financially and operationally,” statedMr Bouchard.
“Bouchard has the best tug and barges in the industry supported by the best vessel employees, advisors and management.”
Bouchard Transportation’s site claims it is the country’s biggest independently-owned ocean-going oil barge firm, running 26 pulls and also 25 container barges throughout the United States, Canada and also theCaribbean The bulk are double-hulled verbalized pull and also barge devices (ATBs). The firm was developed in 1918 and also continues to be family-owned and also run by President and also CHIEF EXECUTIVE OFFICER Morton S. Bouchard III, that has actually gone to the helm because 1992.