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Milbank reports that American Commercial Lines, a river barge operator on the Mississippi, Ohio and Gulf Intercoastal Waterway, had its prepackaged Chapter 11 reorganization plan confirmed on March 20, 2020. The plan cuts about $949 million of debt and secures up to $650 million in new asset-based lending.
The restructuring keeps a major barge operator running with its fleet of about 3,500 barges intact, so it is unlikely to change river freight capacity or rates for feed commodities in the near term.
milbank.comDennis F. Dunne, Samuel A. Khalil, Andrew M. Leblanc, Albert A. Pisa, Brian KinneyMar 23, 2020Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
