Barge Operator Wins Confirmation Of $1B Ch. 11 Plan
By Rick Archer (March 20, 2020, 5:19 PM EDT) -- A Texas bankruptcy judge on Friday approved cargo barge operator American Commercial Lines Inc.'s prepackaged Chapter 11 plan, clearing the way for it to emerge from bankruptcy free of $1 billion in debt.
U.S. Bankruptcy Court Judge Marvin Isgur approved the plan — which calls for a $948.7 million debt-for-equity swap and $200 million in new money financing — just six weeks after American Commercial Lines filed for Chapter 11 in the face of what it called a "perfect storm" of bad weather and economic pressure.
"Through this recapitalization process, we are creating an even stronger inland barge transportation leader, with...
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