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

Stantec adds to its transportation, environmental services team

Gilberto Ruiz has more than 25 years of experience working across a wide variety of project types including residential, commercial, public works, and transportation.

Denver RTD approves new fare policies for 2019

The recommended package of fare policy changes is forecasted to reach fare revenue target levels over the next three years.

Calif.'s SANDAG selects new executive director

Hasan Ikhrata will be responsible for leading a SANDAG staff of approximately 375 people and overseeing a $1.3 billion annual budget.

CTA seeking corporate sponsorships for iconic assets

The Superlative Group was awarded the contract based on its successful track record in monetizing transit agency assets throughout the U.S.

Joing the fundraising reception to help APTF celebrate 30 years

Will be held on Sunday, Sept. 23, from 8 p.m. to 11 p.m. at Acme Feed and Seed in conjunction with the APTA Annual Meeting in Nashville.

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