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MCI restructures with Chapter 11 bankruptcy

 
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RailBus63
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Joined: 16 Apr 2007
Posts: 1063
PostPosted: Mon Sep 15, 2008 9:13 pm    Post subject: MCI restructures with Chapter 11 bankruptcy Reply with quote
Motor Coach files for bankruptcy protection

Quote:
Motor Coach Industries Inc. announced Monday it has filed for Chapter 11 bankruptcy protection as part of a restructuring the company says will help shed hundreds of millions of dollars of debt.

The Schaumburg, Ill.-based company operates a bus plant in Pembina, N.D., that employs about 225 people. The company said in a statement that the restructuring will have "no impact to coach production or service."


Read the rest at the link above.
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Mr. Linsky
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Joined: 16 Apr 2007
Posts: 5071
Location: BRENTWOOD, CA. - WOODMERE, N.Y.
PostPosted: Mon Sep 15, 2008 11:17 pm    Post subject: Reply with quote
First Lehman Brothers folds, then Merrill Lynch is raffled off and, to top it all, both Washington Mutual and AIG are at the precipice - and that's just this morning!

And you say; what else could go wrong? it's MCI declaring bankruptcy!

This is a real shock because, unless their customers just failed to make their payments, I can't imagine how they could have racked up 460 million in debt!

I guess the grass isn't always greener on the other side of the fence!

I sure hope they recover because I'd hate to the last vestige of great bus building go down the drain! Crying or Very sad

Mr. Linsky - Green Bus Lines, Inc., Jamaica, NY
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