Morton S. Bouchard, III, fourth technology chief of family-owned Bouchard Transportation, has been ordered to step down from his function as chief government officer because the Lengthy Island-based tug and barge operator continues to navigate by way of chapter and a string of authorized challenges.
Bouchard, the corporate’s CEO since 1992, was ordered out of his function final week by a chapter decide in Houston, and Matthew Ray of restructuring advisor Portage Level Companions has been appointed as chief restructuring officer of the debtors.
Bouchard Transportation filed for Chapter 11 bankruptcy in September after a number of years of authorized and monetary difficulties.
Challenges have mounted for the corporate since an October 2017 explosion killed two crew members on one in all its barges off the coast of Texas. The Nationwide Transportation Security Board (NTSB) discovered that the blast doubtless stemmed from a scarcity of efficient upkeep and security administration.
Within the years since, Bouchard Transportation has been sued by dozens of distributors alleging unpaid payments, a lot of which stay unresolved.
In late 2019 the corporate was fined for whistleblower retaliation violations regarding the barge explosion investigations, and in February 2020 it was sued in New York over unpaid unpaid crew wages. That very same month, the U.S. Coast Guard issued separate captain of the port orders to pick Bouchard vessels in New York Harbor and Port Arthur.