Bankruptcy court removes Bouchard as CEO of namesake firm
New moves in a bankruptcy case for a significant player in American petrol transiting.
By Michael McGrady, Maritime Direct Americas & Pacific Correspondent
A federal bankruptcy court ordered that Morton S. Bouchard, III “shall be, and hereby is, immediately removed from his positions as chief executive officer and director” of his family’s namesake company.
On February 26, Judge David S. Jones noted that Matthew Ray of Portage Point Partners LLC was accepted and the chief restructuring officer of the debted Bouchard Transportation Company.
Jones ordered that “the CRO shall be, and hereby is, empowered with exclusive and complete authority to act for and on behalf of the Debtors with respect to matters arising out of or relating to the Debtors and/or the Chapter 11 Cases.”
Bouchard Transportation is said to be the largest independently-owned ocean-going petrol barge company based in the United States.
It is reported that the subsidiaries of Bouchard filed voluntary positions to restructure the organization under Chapter 11 of the country’s Bankruptcy Code for the Southern District of Texas.
Legal counsel for Bouchard filed initial motions for Chapter 11 restructuring in September of 2020.
Marine Log reports that the company will continue to serve its customers while it smoothly transitions its business into a Chapter 11 arrangement.