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

Fla.'s HART to develop autonomous circulator route

The project would be one of the first of its kind in the U.S. utilizing autonomous technology and has the potential to become a genuine problem solver, according to FDOT and HART.

CTA's 2017 budget includes no fare increases, service cuts for 8th year

Long-term deals on fuel and increased non-fare revenue have helped CTA cope with reduced funding from the state and a decline in ridership, which fell to just under 500 million in 2016.

SORTA to sell advertising to pay for bus benches

In a separate ordinance, the city agreed to stop removing currently illegal benches at some stops unless they are unsafe.

Future for connected cars is promising, obstacles remain: study

Obstacles include privacy and security concerns, to a lack of infrastructure and the need for a legislative framework.

Caltrain begins courtesy campaign via social media

The campaign, called “Caltrain Manners,” is the result of a recent online survey, where passengers were asked what annoyed them most about their fellow riders. Caltrain tallied the results to determine the three worst passenger gaffes.

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


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