Management & Operations

Neoplan restructures, reduces debt

Posted on September 9, 2003

Neoplan USA Corp. successfully completed a financial restructuring that will significantly strengthen its strategy of innovation and growth. Neoplan's secured lenders, owners and surety bond providers agreed to this restructuring due to their strong belief in the company, its new management team and its strategy. In executing the plan, Neoplan reduced the company's senior secured debt by 75%; closed a new revolving credit facility; received additional collateral support relating to surety bond requirements from a majority shareholder; secured adequate surety bonding capacity to implement the company's production plan; and received agreement from its vendors to defer repayment of their claims. Currently, Neoplan is delivering to Boston the industry's first low-floor articulated buses powered by CNG engines. In addition, Neoplan will soon start production of an articulated bus for New Jersey, with the industry's first radiator-over-engine design in an articulated bus.

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