Management & Operations

Laidlaw to emerge from bankruptcy, change name

Posted on May 1, 2003

By the end of May, Laidlaw Inc. expected to emerge from a bankruptcy that had lasted nearly two years. Following several attempts at reorganization, a plan was approved in February by courts in the U.S. and Canada. “It’s a complicated process,” said Laidlaw CEO Kevin Benson. “When you are $4 billion in debt, everyone needs to have a say.” Laidlaw operated under Chapter 11 bankruptcy court protection after a diversification program did not do as well as intended. At no time did any of Laidlaw’s operating companies (Greyhound, American Medical Response) file for Chapter 11. Along with the reorganization of the company also comes a new name (Laidlaw International Inc.) and new corporate headquarters (in Naperville, Ill., a suburb of Chicago). With the majority of Laidlaw’s assets, including Greyhound, in the U.S., it made sense for the company to move from Burlington, Ontario, to Chicago, said Benson. “Growing the company here makes absolute sense,” he said. “The majority of creditors are also U.S.-based companies.”

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

More News

Deadline extended for Innovative Solutions Award submissions

Applications can be submitted either by the operation or the solutions provider and will be judged by our BusCon Advisory Board, with winners and shortlisted submissions recognized at BusCon’s Award Breakfast on Wednesday, Sept. 13.

Calif.'s GCTD breaks ground on ops, maintenance facility

The new facility will replace an outdated and deteriorating bus garage located on a three-acre site that was originally built in the 1970’s for a much smaller fleet.

London most expensive city to commute to work via public transit

New York City comes in it at No. 4 at a cost of approximately $120 per month, with Chicago and San Francisco at $102.10 and $86.10 per month, respectively.

Late U2 concert leaves transit officials upset over costs

The Wednesday night concert, which didn't wrap up until 11 p.m., forced the Valley Transportation Authority to add 11 extra after-hours trains to accommodate concertgoers.

Video shows Metro Transit officer asking about immigration status

Metro Transit Police Chief Harrington said in a statement that it's not his agency's practice to inquire about immigration status and has asked for an internal investigation into the encounter.

See More News

Post a Comment

Post Comment

Comments (0)

More From The World's Largest Fleet Publisher

Automotive Fleet

The Car and truck fleet and leasing management magazine

Business Fleet

managing 10-50 company vehicles

Fleet Financials

Executive vehicle management

Government Fleet

managing public sector vehicles & equipment

TruckingInfo.com

THE COMMERCIAL TRUCK INDUSTRY’S MOST IN-DEPTH INFORMATION SOURCE

Work Truck Magazine

The number 1 resource for vocational truck fleets

Schoolbus Fleet

Serving school transportation professionals in the U.S. and Canada

LCT Magazine

Global Resource For Limousine and Bus Transportation

Please sign in or register to .    Close