Company Intends to Continue Operations Without Interruption While Reducing Debt and Strengthening Balance Sheet

GALLIANO, La., March 25, 2026 /PRNewswire/ -- Today, Crosby Enterprises, LLC (the "Company") announced that the Company filed chapter 11 cases for several of its subsidiary/affiliate units, Crosby Tugs, L.L.C., Crosby Dredging, L.L.C. and Crosby Marine Transportation, L.L.C., in the U.S. Bankruptcy Court for the Eastern District of Louisiana on March 23, 2026. The focus of the filings is to restructure the Company's secured debt to improve the Company's financial position, all while maintaining the Company's position as a regional leader in vessel services.

The Company will continue to serve new and existing customers with its tug and dredge operations. As part of the chapter 11 cases, the Company filed "first day" motions that, when granted, will enable day-to-day operations to continue as usual. For example, the Company has requested authority to pay its employee wages and benefits without change or interruption. The Company expects it will pay all suppliers and vendors under normal terms for goods and services provided during the chapter 11 cases.

The Company has obtained additional financing to ensure that the Company has adequate cash available to maintain operations and meet payroll obligations while the Company finds the right long-term partners and achieves a sustainable debt level.

The Company has engaged Lugenbuhl, Wheaton, Peck, Rankin and Hubbard as legal counsel, SierraConstellation Partners as restructuring advisor, and Raymond James as financial advisor and investment banker.

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). You may also submit an inquiry via email to teamcrosby@stretto.com.

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SOURCE Crosby Enterprises