Crosby Enterprises LLC, Galliano, La., announced that three of its subsidiaries — Crosby Tugs LLC, Crosby Dredging LLC, and Crosby Marine Transportation LLC — filed for Chapter 11 bankruptcy protection on March 23 in the U.S. Bankruptcy Court for the Eastern District of Louisiana.
The company said the filings are intended to restructure secured debt and strengthen its financial position while continuing normal operations. Crosby stated that its tug and dredging operations will continue to serve customers throughout the restructuring process.
As part of the Chapter 11 proceedings, the company filed customary “first day” motions seeking court approval to continue routine business operations, including paying employee wages and benefits without interruption and paying vendors and suppliers under normal terms for goods and services provided during the restructuring.
The company also secured additional financing intended to provide sufficient liquidity to maintain operations, meet payroll obligations, and support the business while it seeks long-term financial restructuring and potential partners.
According to the company website, Crosby Tugs operates a fleet of approximately 130 tugboats, employs about 850 people, and serves more than 300 clients across the Gulf Coast and inland waterways.
Crosby has retained the law firm Lugenbuhl, Wheaton, Peck, Rankin and Hubbard as legal counsel, SierraConstellation Partners as restructuring advisor, and Raymond James as financial advisor and investment banker.
Crosby Enterprises operates tug, dredging, and marine transportation services along the Gulf Coast and inland waterways.
