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

Vandalia Bus Lines named Motorcoach Operator of the Year

The annual award given by METRO Magazine was presented to Dennis Streif, his mother Judy and son Phillip at this year's UMA Expo in Atlanta.

Spanish-based Irizar introduces new motorcoach to the U.S. market

The i6 models on display this week at UMA Expo in Atlanta are available in a height of either 12.23 or 12.89 ft. and have been fully developed to the needs of North American operators, complying with all U.S. DOT requirements and manufactured entirely in the European Union.

American Seating unveiling new Wayfarer prototype at UMA Expo 2016

This year, American Seating is developing a new back option for Wayfarer focused on the private tour and charter market, and will exhibit this Wayfarer-TC prototype at the 2016 UMA Expo.

MCI bringing its reliability-driven vehicles and more to UMA Expo 2016

Will showcase two new 2016 J4500 coaches with a tighter-turning independent front suspension system, new two-door Setra S 417 Top Class and more.

CH Bus Sales delivers 3 Temsa TS 30s to Guam

Turtle Tours’ 36 passenger TS 30 coaches have enhanced features, such as 110-volt plugs and an elite REI audio/video system with three 15-inch monitors.

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