Motorcoach

MCI granted final approval to continue customer programs

Posted on October 23, 2008

Motor Coach Industries (MCI) announced the final approval of all of its “first day motions” by the United States Bankruptcy Court for the District of Delaware.

Late last week, MCI was granted final approval to continue all customer programs and services without interruption, and will also continue to honor all standard limited warranties on its coaches. The Bankruptcy Court had previously granted final approval of other “first day motions,” including authority to pay pre-petition claims of critical vendors.

Additionally, MCI received final approval of its $311 million debtor-in-possession (DIP) financing facilities. GE Capital is the arranger and largest lender of the senior DIP facility that will refinance MCI’s existing first lien debt and provide additional liquidity necessary for day-to-day operations. Goldman Sachs Credit Partners, L.P. is the arranger of and a lender in, and Monarch Alternative Capital LP (through certain of its affiliates and funds under its management) is participating in, the junior DIP facility. MCI also received approval to perform under the “lock up” agreement with Franklin Mutual Advisers LLC and certain of its affiliates, a key element of the company’s pre-negotiated restructuring plan.

As previously announced, MCI and its U.S. subsidiaries filed voluntary petitions for Chapter 11 in September to implement a pre-negotiated restructuring plan to be funded in part by Franklin Mutual Advisers LLC and/or certain of its affiliates. The company’s Canadian operations are not included in the filing.

 

 

 

 

 

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

More News

2017 intercity bus travel outlook in NYC to be released

The DePaul report by the Chaddick Institute evaluates the remarkable implications of the resurgence of intercity bus travel on the competitive landscape of U.S. travel.

FMCSA establishes drug and alcohol clearinghouse for motorcoach drivers

The final rule's annual net benefits are an estimated $42 million, with crash reductions resulting from annual and pre-employment queries by FMCSA-regulated motor carriers.

IMG announces contribution to SYTA on Give Back Tuesday

The International Motorcoach Group has announced a five-year commitment to the SYTA Youth Foundation.

Wrong-way driver slams into Ariz. Greyhound bus

Arizona Department of Public Safety officials said the bus driver “did an amazing job” keeping the vehicle upright after one of its front wheels was damaged in the high-speed collision.

CH Bus delivers 2 Temsas, opens new maintenance, repair facility

The new facility is located just off Hwy 101 near San Francisco’s SFO airport, which offers a very convenient location for customers.

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