Management & Operations

VecTour files for bankruptcy

Posted on October 19, 2001

VecTour, the largest privately owned ground transportation company in the U.S., filed for chapter 11 bankruptcy protection and cited a 50% decline in travel since the September 11 attacks as the reason. The company expects to enter into a $5 million debtor-in-possession (DIP) financing agreement, which is subject to court approval, to provide adequate working capital during the period of its reorganization. In papers filed at Bankruptcy Court on Tuesday, VecTour listed debts of more than $100 million and assets of $1 million to $10 million. VecTour’s primary lines of business, including airport transportation and sightseeing tours, experienced immediate 25% to 50% drops in revenue after September 11. “VecTour’s mission since the tragic events of September 11 has been simple — to protect our businesses until the country and the economy have had time to recover,” said VecTour President and COO Joe Scott in a statement.

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

More News

Calif.'s SolTrans taps Kranda as executive director

Beth Kranda, who succeeds Mona Babauta, currently serves as Deputy Director of Transit, the City of Santa Rosa’s senior transit position.

City of New York makes recommendations for MTA subway plan

The plan from Mayor Bill de Blasio and his team comes ahead of the release of the MTA's so-called "subway turnaround plan" next week.

Rock Region METRO's Varner announces departure from agency

He will be stepping down to take a regional leadership role within First Transit, an international transit operations, management and consulting firm.

JTA's Ford wins prestigious COMTO award

The Thomas G. Neusom Founders Award is the highest honor bestowed by COMTO. Ford accepted the award at the 46th National Meeting and Training Conference in Detroit.

NJ Transit weighing disciplinary actions for no-show train engineers

It's unclear how many of the cancellations stemmed from engineers exercising a contract provision that allows them to take two days to report for work when schedule changes are made.

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