Does anyone have any news about Bouchard?
Iāve heard Bouchard has their two big rigs running, and a few smaller ones under their management. I also heard a company called unico is chartering a few others.
Company will be declaring chapter 7 is what Iāve been hearing. There is an auction this July to sell off all the equipment, few boats are being bare-boated out. Bouchard will cease to exist in the upcoming weeks
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Iāve also heard the auction rumors. Heard some rumors within my company about the possibility of going after some of the boatsā¦
There are court documents filed allowing the bareboat charter of 5 units and they are organizing an auctionā¦
Iāve been asked to inspect each and every Bouchard unit in existence for surveyors. So, something is happening.
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Be careful that you donāt fall through the deck
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Google- Stretto Bouchard. Itās all there.
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Hereās a link for the lazy:
https://cases.stretto.com/bouchard
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I have a buddy that was one of the Bouchard hold outs. He told me that he was babysitting a tug when one day a crew from some different company came aboard.
They politely told the Bouchard guys they have 1 hour to get their stuff and get off the tug.
I have not seen any unusual activity with the units stacked in NY. They are spread between Caddells, Homeport and the Brooklyn Piers. Every so often you see some shifting or hear them on the radio.
Read through a few of the legal matters. Had a chuckle when the judge referred to the āHair sticking up on his neck was a good signal he has relied on his entire lifeā regarding this case. He agreed Morty must be removed from the process.No shit. Hope to see some of those rigs working again, doesnāt matter who for.
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No big rigs are moving yet, Last word on the first of the month July 7 the company goes up for Auction.
They may have a couple boats running up north
Iām on a gulf boat
Here is the āPaul Harveyā update ( the rest of the story).
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Over the past three months and per the Courtās direction, Bouchard Transportation Co., Inc. and its advisors have been conducting a marketing process to reach a wide variety of potential asset purchasers.
ā Several high quality and sophisticated parties are interested in being the stalking horse bidder for all or substantially all of the assets of the Company
ā Other parties are interested in acquiring one or a subset of the assets of the Company
Summary of interest as of June 8, 2021
Parties Contacted ā 168
NDAs Executed ā 77
Bids Received for Substantially All the Assets ā 5
Bids for Less than Substantially All the Assets ā 7
Standalone Exit Financing Proposals ā 0
BTC Auction Dates
Deadline to Submit Stalking Horse Bids
June 25, 2021
Deadline to Designate Stalking Horse Bidders
July 7, 2021
Qualified Bid Deadline
July 16, 2021, at 5:00 p.m. (prevailing Central Time)
Auction Day One (if applicable) The first day of the Auction will be held on July 19, 2021, at 10:00 a.m. (prevailing Central Time) via remote video.4
Auction Day Two (if applicable) The second day of the Auction will be held on July 20, 2021, at 10:00 a.m. (prevailing Central Time) via remote video.
Sale Objection Deadline July 21, 2021, at 4:00 p.m. (prevailing Central Time)
Sale Hearing July 23, 2021, at [___] [a./p.]m. (prevailing Central Time) or as soon thereafter as the Courtās calendar permits.
Outside Closing Date July 31, 2021
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Itās going to be interesting to see who jumps in and makes bids.
Thinking Crowley and OSG, among a few others may bid on the large units. Wonāt surprise me if Vane takes a shot. It wonāt be a complete fire sale on those more modern units with intercon due to probably multiple bidders., The smaller ones in decent condition perhaps will go quite a bit less than what it costs to build them. the other stuff is headed to the boneyard.
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There are 5 bidders as of today that are looking to buy the whole fleet, and another 7 bidders to buy selected units. All indications are that the whole fleet is going to be sold to highest bidder as it makes sense for the estate instead of doing individual units.
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How would one obtain that information? In an ideal situation, the whole fleet sold at once is better for whatās left of the estate. Will be interesting how this turns out. Donāt see just one buyer, if so, great.
if you look up Bouchard bankruptcy 2021, one of the top sites that pops up, go through the court documents and it says how many current bidders there are for the fleet and for just select assets
Thanks Bob.
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