After engaging with more than a dozen potential lenders, Bouchard Transportation has secured $60m in debtor-in-possession financing.
The loan, which will inject the troubled ATB owner with much-needed liquidity as it pursues bankruptcy protection in US courts, comes from Hartree Partners and immediately provides Bouchard Transportation with $28.8m.
"I understand that this funding need is acute and that [Bouchard Transportation needs] access to financing imminently to ensure their ongoing viability while pursuing an operational turnaround," Jefferies managing director Richard Monger said in court papers.
