Petroleum barge company Bouchard Transportation has obtained bankruptcy court approval to access part of a $60 million loan to fund its operations while in Chapter 11.
During a video hearing on Thursday, U.S. Bankruptcy Judge David Jones in Houston signed off on the company’s use of $29 million of the loan on an interim basis. The hearing occurred nearly a month after Bouchard, represented by Kirkland & Ellis, filed for bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas to stave off foreclosure sales of some of its vessels.
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