New York-based Bouchard Transportation Company says it has now processed all back pay to employees, customers and vendors as the company continues to work on raising additional capital.
Bouchard last week announced that it had received financing to start paying its tug and barge crew members who have been stranded onboard its vessels without pay since the beginning of the year as the closely held company struggled to meet its financial obligations.
“On Monday, March 16, 2020 Bouchard Transportation Co., Inc. as agent on behalf of the individual vessel corporations is pleased to announce that all back pay has been processed,” Bouchard’s President and CEO, Morton Bouchard, said in a statement. “Bouchard Transportation Co., Inc. continues to work on raising capital that will enable the Company to return all vessels back to operation. Bouchard Transportation Co., Inc. would like to thank all of our employees who remained with us and returned to their assigned vessels.”
Since the beginning of the year, Bouchard crews across the country had been without pay and forced to remain on board their vessels at the directive of U.S. Coast Guard Captain of the Port orders related to the safety of the vessels.
“I would personally like to thank all of our dedicated employees who remained with Bouchard Transportation Co., Inc. and all of our vendors and customers who were patient during this challenging time. I will continue to work to right this ship and service our customers,” Mr. Bouchard said.
“Our thoughts and prayers are with all Americans as we all do our utmost to remain healthy.”
Bouchard Transportation’s website says it is the nation’s 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).
The 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.