Bus

Luminator parent co. announces restructuring

Posted on May 14, 2009

Mark IV, the parent company of Luminator, announced that it has filed voluntary petitions for restructuring of their balance sheet.

 

The company took this action to reduce its debt, as a result of the downward pressure occurring in the automotive sector of Mark IV, which represents 86 percent of the company revenue. This action will improve its capital structure and further strengthen its competitive position.

 

Mark IV has reached agreement, in principle, with a steering committee of its senior lenders on a plan of reorganization and new capital structure for the reorganized company. As a result, the company expects to achieve plan confirmation and successfully complete the reorganization expeditiously.

 

Chief Executive Officer Avi Zisman has stated that “our business is strong and we continue to see growth in our primary markets.” Luminator will continue its daily operations without disruption to customers.

View comments or post a comment on this story. (0 Comments)

More News

Bridj to launch D.C. service

While Founder Matt George is interested in connecting Capitol Hill, K Street and Dupont Circle, it’s not yet clear if those will be the neighborhoods Bridj starts with. The start-up is encouraging interested customers to request specific routes on its website

New Flyer wins N.Y. CNG bus contract

The contract for 110 XN40 buses contains a firm order for 52 buses with options for an additional 58 buses and is valued at approximately $53 million dollars.

CCW to provide Iowa with rebuilt artics

Des Moines Area Regional Transit's 60-foot low floor articulated buses will replace high-floor buses and include newly installed ramps, remanufactured power trains, transmissions, engines and brakes. It will also be equipped with two ADA compliant wheelchair lifts.

Texas' Capital Metro adds real-time information to bus fleet

The agency rolled out real-time data on MetroRapid and MetroRail last year, receiving strong positive feedback from customers.

AC Transit piloting Alexander Dennis double-deck bus

The 80-seat coach, offering its riders comfy excursions with spectacular views — particularly to and from San Francisco — made its first cruise on the Line U, from Fremont to Stanford University, before being deployed on other daily routes.

See More News

Post a Comment

Post Comment

Comments (0)

Please sign in or register to .    Close