Management & Operations

Blue Bird announces new loan agreement

Posted on January 27, 2006

Blue Bird Corp. announced today that its lenders have agreed to increase the company’s borrowing availability by $52.5 million through a new and expanded loan agreement. The company also said that, in cooperation with its lenders, it is moving forward with a debt-for-equity conversion plan that will dramatically strengthen its balance sheet. The restructuring is being achieved through prepackaged court filing in U.S. Bankruptcy Court, District of Nevada. The company and its lenders expect quick confirmation of the plan, within a matter of days, which provides a full recovery to the company’s general unsecured creditors. The company will continue to operate on a normal basis. “This news marks a positive step forward in Blue Bird’s financial restructuring that will ensure our long-term financial health,” said CEO/President Jeff Bust. “Blue Bird has made unequaled improvements in quality, on-time delivery and set a new standard for customer service in the bus industry. With new financing in place, the benefits of those improvements will become even more apparent. The prepackaged court filing is the most efficient method of completing the restructuring. It preserves all supplier claims and protects our customers and employees.” The company stressed that the financial restructuring process would not interrupt normal business operations, adding that Blue Bird remains committed to meeting its delivery schedules and maintaining the highest standards of quality and service. “We are very grateful for the flexibility and cooperation shown by our senior lenders over the past few months,” Bust said. “Their support is a vote of confidence in our business model, our superior products, our excellent management team and our bright prospects.”

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

More News

SacRT, TransLoc to expand microtransit pilot project

The agency implemented the first phase of SmaRT Ride in February and its resounding success was the catalyst for service expansion beginning sooner than anticipated on Monday, April 23.

Americans took 10.1 billion trips on public transportation in 2017

Compared to public transit ridership in 2016, there was a 2.9%  decrease in ridership as bus ridership declined by 4.3%.  

Peer review finds Chicago's transit system ranks high in coverage, efficiency

According to the report, CTA, Pace, and Metra ranked in the top half of their peer groups for 14 of the 16 measures reviewed and in the top three for seven of those measures.

Keolis to operate OCTA's on-demand microtransit pilot

The OC Flex will connect to the OC Bus network and Metrolink commuter rail stations. Passengers will have the ability to hail rides from their phones and track the status of their trips.

Sacramento RT looking to develop 'world class' transit system

The 'SacRT Forward' study will have variety of community involvement components, including two stakeholder meetings, SacRT Board workshops, and nearly a dozen community events where planners will solicit input from current riders and potential riders alike.

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