A bankruptcy choose has permitted the proposed income of belongings belonging to petroleum tug and barge operator Bouchard Transportation, although discussions are continuing for supplemental restructuring possibilities prior to the sale is verified.

U.S. bankruptcy Judge David Jones on Thursday authorized the two separate product sales to JMB Cash Lending Companions and Rose Cay GP LLC, who each individual submitted winning bids throughout last month’s auction for Bouchard’s belongings, beating Hartree Partners’ “stalking horse” bid of $110 million.

JMB’s winning bid offered $115.3 million for 29 vessels, which include 17 tugs and 12 barges. Rose Cay received with a $130 million bid for a further 8 tugs and 10 barges.

Nevertheless, attorneys for Bouchard and its unsecured lenders, which involves operator Morton Bouchard III, indicated they are continuing conversations with yet another investment business on an substitute restructuring proposal, while it’s not apparent if a deal will be arrived at prior to a sale affirmation hearing scheduled for later on this thirty day period.

Bouchard has been debtor-in-possession considering the fact that submitting for Chapter 11 bankruptcy in September 2020 with $230 million in financial debt. The corporation has confronted mounting lawful, financial, and regulatory compliance challenges dating back to a lethal barge explosion off Port Aransas, Texas in 2017, which killed two persons.

Previously this yr, a bankruptcy judge ordered the removing of Morton Bouchard as the company’s CEO.

Based in Melville, New York, Bouchard Transportation has remained relatives-owned due to the fact its inception in 1918. According to its web page, the company’s fleet is made up of 25 double-hulled petroleum barges and 26 tugs.