Crosby Marine Files For Chapter 11 Bankruptcy Reorganization
On March 25, Crosby Enterprises LLC announced that four of its subsidiaries– Crosby Tugs LLC, Crosby Dredging LLC, Crosby Marine Transportation LLC and Bertucci Contracting Company, LLC — had filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Eastern District of Louisiana (Lead Case No. 26-10678).
The company said in court filings that it wants to restructure its debt while continuing to operate. It reported $100 million to $500 million in both assets and liabilities. Its website lists 850 employees and 130 tugboats. “The company will continue to serve new and existing customers with its tug and dredge operations,” it said in its initial news release.
Its legal counsel is Lugenbuhl, Wheaton, Peck, Rankin and Hubbard, with Sierra Constellation Partners as restructuring advisers and Raymond James as financial adviser. Business law firm Fishman Haygood’s bankruptcy team was selected as co-counsel to the Official Committee of Unsecured Creditors with Seward & Kissel LLP in the cases of Crosby Tugs, LLC and Crosby Dredging, LLC. The case is pending before the Hon. Meredith S. Grabill.
As part of the Chapter 11 proceedings, the companies have filed customary “first day” motions seeking court approval to continue ordinary operations, including payment of employee wages and benefits and maintaining relationships with vendors and suppliers.
Crosby Enterprises LLC is based in Galliano, La. Founded in 1977, it is one of the larges marine transportation businesses on the Gulf Coast.
Additional information about the Company’s Chapter 11 case, including access to Court filings and other documents related to the restructuring process, is available at https://cases.stretto.com/crosby or by calling the case information line at (833) 307-4262 (toll-free) or +1 (916) 405-7847 (International). Inquiries may also be submitted via email to teamcrosby@stretto.com.
