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

Waymo begins offering rides in self-driving cars

Waymo, Google's self-driving car project, and Fiat Chrysler haved teamed up to offer rides to the public so that it can get feedback on the experience.

King County Metro, Intersection extend advertising contract

The agency first tapped Intersection in 2005, when, operating as Titan, the company won a competitive contract granting the exclusive rights to sell advertising on its 1,400 buses and facilities

BAI Communications acquires inMOTION Wireless

In 2014, inMOTION was awarded an exclusive 22-year license by Boston’s MBTA to design, build, finance, and operate a multi-application high-speed network along the MBTA Commuter Rail System and on MBTA ferries.

Calif.'s Big Blue Bus rolls out mobile ticketing app

The program will be evaluated after a six-month period to determine whether customers feel that the app fare payment is beneficial, in addition to BBB staff determining the cost/benefit of adding the app to BBB’s suite of fare media products.

Pace mourns death of Bolton, former deputy exec. director

He passed away in the early hours of April 15, 2017, after battling pancreatic cancer. He was 69.

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