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\u201cOver 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,\u201d President and CEO \u201cMort\u201d Bouchard said in a letter distributed to the media.\u00a0<\/p>\n
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\u201cThis could not be better news,\u201d he said.\u00a0<\/p>\n
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Since the beginning of the year, Bouchard crews across the country have been withheld pay and forced to remain on board their vessels at the directive of the U.S. Coast Guard as Bouchard chased financing to meet its obligations.<\/p>\n
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\u201cLast week I was happy to inform you that Bouchard Transportation Co Inc. was issued a DOC for 90 days,\u201d Mr. Bouchard said. \u201cAnd 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.\u201d\u00a0<\/p>\n
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The \u201cDOC\u201d refers to Bouchard\u2019s Document of Compliance certificate, which is required by the Coast Guard for persons or companies who own certain U.S.-flagged vessels and certifies satisfactory completion of a safety management audit. A spokesman for the Bouchard said the temporary DOC was issued as Bouchard changes classification societies to DNV GL.<\/p>\n
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\u201cThe past two months, Bouchard Transportation Co Inc. has been faced with enormous challenges both financially and operationally,\u201d said Mr. Bouchard.<\/p>\n
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\u201cBouchard has the best tug and barges in the industry supported by the best vessel employees, advisors and management.\u201d<\/p>\n
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Bouchard Transportation\u2019s website says it is the nation\u2019s largest independently-owned ocean-going petroleum barge company, operating 26 tugs and 25 tank barges across the United States, Canada and the Caribbean. The majority are double-hulled articulated tug and barge units (ATBs).\u00a0The company was established in 1918 and remains family-owned and run by President and CEO Morton S. Bouchard III, who has been at the helm since 1992. \u00a0<\/p>\n
gCaptain<\/p>\n","protected":false},"excerpt":{"rendered":"
\u201cOver 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,\u201d President and CEO \u201cMort\u201d Bouchard said in a letter distributed to the media.\u00a0 \u201cThis could not be better news,\u201d he said.\u00a0 Since the beginning of the year, Bouchard …<\/p>\n","protected":false},"author":1,"featured_media":5326,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[56],"tags":[1110,3162,3024,3161,1471,1313],"class_list":["post-6094","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-marine-world","tag-bouchard","tag-crews","tag-financing","tag-paying","tag-secures","tag-start"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/6094","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=6094"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/6094\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/5326"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=6094"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=6094"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=6094"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}