Passenger Bus, Rail and Motorcoach Industry News

Ventura County Transportation Commission officials say if the shutdown of VISTA cannot be somehow avoided and that they need more time to find another company to provide bus service. They say they are asking Coach America to keep the buses on the streets for at least another month.

The one-week delay reflects the timely submission from the Pre-Petition First Lien Agent, pursuant to Section 9.1 of the Prepetition First Lien Credit Agreement, of its intent to submit a Credit Bid under Section 363 of the U.S. Bankruptcy Code.

Approved to obtain interim financing authority, to maintain existing cash management systems, and to pay vendors and suppliers in the ordinary course of business.

Decision was made with a focus on reducing its debt and advancing the best interests of the company and its stakeholders. Coach America has obtained a commitment for $30 million in financing, subject to approval by the Bankruptcy Court, which will support the company's fleet investment and help ensure the continuation of normal operations.

MTR Western is the biggest asset in the bankruptcy estate of Darren Berg, who's been charged by federal prosecutors with running a Ponzi scheme that cost investors more than $100 million.

Ambac Assurance Corp. of Wisconsin and Wells Fargo Bank had argued that the monorail should not be allowed to proceed under Chapter 11, arguing that a filing under Chapter 9 reserved for government agencies was more appropriate.

Securing the contract with Winnipeg assembly plant workers is a key milestone, enabling MCI to continue its plan to successfully emerge from Chapter 11 Bankruptcy protection, which it plans on exiting in late March, according to the company.