Crosby Enterprises LLC, Galliano, La., has 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 that the filings are intended to restructure secured debt and strengthen its financial position while continuing normal operations.
Also, Crosby added 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.
According to their official announcement, Crosby 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.