American Commercial Barge Lines Files For Bankruptcy
USAgNet - 02/14/2020
American Commercial Lines, often known as American Commercial Barge Lines, filed for Chapter 11 bankruptcy on February 7.
Several outlets, including Workboat and The Wall Street Journal, reported that creditors for the carrier had previously arranged a restructuring plan that included $1 billion of debt reduction.
According to the 2019 Barge Fleet Profile report from IEG Vantage, ACBL owns 2,497, or over 19 percent of the 12,893 U.S. jumbo covered barges (the type used for grain transportation) counted by the survey.
The company intends to make normal payments to vendors for transactions made after this restructuring.
The bankruptcy filing reflects recent adversity for the industry, which has faced navigation challenges and trade-related reductions in shipper demand.