Us Bankruptcy Court For The Southern District Of Texas News

Long Island-based barge operator Bouchard Transportation has filed for Chapter 11 bankruptcy after several years fraught with legal and financial difficulties.The family-owned oceangoing tug and petroleum barge firm filed alongside several of its subsidiaries Monday in the U.S. Bankruptcy Court for the Southern District of Texas.According to the filings, Bouchard has between 1,000 and 5,000 creditors, liabilities between $100 million and $500 million and assets worth between $500 million and $1 billion.

Subsea 7 S.A. said it has acquires certain businesses of EMAS Chiyoda Subsea (ECS) under a U.S. bankruptcy code Chapter 11 Plan of Reorganization, confirmed by the U.S. Bankruptcy Court for the Southern District of Texas and became effective on June 29, 2017. According to Subsea 7, it will pay less than $100 million in aggregate, including its contribution to the Debtor in Possession credit facility, to acquire the ECS businesses, the Ingleside spoolbase and other assets. “In a challenging business environment our differentiated offering and strong capital discipline has enabled us to pursue this opportunity. This targeted investment enables Subsea 7 to accelerate its strategy to provide a market leading service in the Middle East,” said Subsea 7 CEO, Jean Cahuzac.

In a development which could be seen as a positive one for the business of building boats in the U.S., First Wave Marine, Inc. said that its Plan of Reorganization was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas. In addition, the company's current senior secured lender agreed to provide the First Wave with a post-confirmation $10 million revolving line of credit and an $8 million term loan. First Wave estimates that it will conclude its post-confirmation financing and emerge from bankruptcy on or about January 31. The new credit facility, combined with the exchange of all of First Wave's $90 million of Senior Notes for 96.7% of the common stock of the Company, dramatically improves the Company's balance sheet, financial strength and competitiveness.

First Wave Marine, Inc. announced that it has closed into a new senior credit facility with Foothill Capital Corporation. The consummation of the financing allowed First Wave to execute its Plan of Reorganization which was confirmed on January 16th and conclude its Chapter 11 case in the U.S. Bankruptcy Court for the Southern District of Texas. The new credit facility provides for a $10 million revolving line of credit and an $8 million term loan. First Wave President Grady Walker said, “With the restructuring behind us, First Wave can now focus all its energies on the business. We have the best people in the industry and world-class facilities, and with our much-improved financial structure First Wave is poised for profitable growth."

First Wave Marine, Inc. announced that its Plan of Reorganization was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas. In connection with the confirmation, First Wave announced that the company’s current senior secured lender has agreed to provide the company with a post-confirmation $10 million revolving line of credit and an $8 million term loan. The company estimates that it will conclude its post-confirmation financing and emerge from bankruptcy on or about January 31. The new credit facility, combined with the exchange of all of First Wave's $90 million of Senior Notes for 96.7 percent of the common stock of the company, dramatically improves the Company’s balance sheet, financial strength and competitiveness.

First Wave Marine, Inc. announced that it has filed with the U.S. Bankruptcy Court for the Southern District of Texas, a Plan of Reorganization in the Company's Chapter 11 proceeding. The filing of the Plan should pave the way for the Company's emergence from bankruptcy in early fall after requisite Bankruptcy Court approvals can be obtained. The Plan calls for an exchange of all of First Wave's 11% Senior Notes for 96.7% of the common stock of the Company which will significantly improve the balance sheet and financial strength of the Company. The Committee of Unsecured Creditors has stated that it will support the Plan. On February 5, First Wave filed for relief under Chapter 11 of Title 11 of the United States Code in the Southern District of Texas.