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

Calif. tour bus crash kills 13, injures 31

All the victims were adults, according to the report, with the surviving passengers and the big rig driver only suffering minor injuries.

FMCSA awards grants to train military vets to drive buses, trucks

The current Commercial Motor Vehicle - Operator Safety Training Grant Program awards are projected to go toward training more than 250 people.

FMCSA proposes enhancements to Safety Measurement System's public website

While the Federal Register announcement responds to comments received following the June 29, 2015, notice, no changes will be implemented in the public SMS website display until after completion of the National Academies of Sciences Correlation Study as required by Section 5221 of the FAST Act.

ABA Foundation to double scholarship amounts in 2017

Also announced that all proceeds raised from ABA’s Annual Meeting & Marketplace Live and Silent Auctions will be allocated to the ABAF’s Fund a Future program to fund this scholarship initiative.

C&J Bus Lines installs Flyte Systems to keep real-time updates on airline schedules

C&J Bus Lines, a New England a transportation provider, installed FlyteBoard flight information displays at three of its terminals.

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