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'MCI BANKRUPTCY NOW OFFICIAL'

 
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Mr. Linsky
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Joined: 16 Apr 2007
Posts: 5071
Location: BRENTWOOD, CA. - WOODMERE, N.Y.

PostPosted: Sat Feb 14, 2009 12:00 am    Post subject: 'MCI BANKRUPTCY NOW OFFICIAL' Reply with quote

A legal ad in the Business Section of today's New York Times indicates that applications have been filed with the United States Bankruptcy Court for the District of Delaware in the matter of Motor Coach Industries International et al as debtors under chapter 11 of the U.S. Bankruptcy Code (case# 08-12136 (BLS).

This is a notice of entry of order confirming second amended joint plan for the reorganiztion of the company.

It further lays out deadlines for filing requests for administrative claims and for professionals and others to file fee applications.

In a nutshell, this proceeding begins the long and arduous path toward a reorganization of the company with a court arbitrated settlement of all outstanding debts.

What this means is that in the final analysis MCI, with debt relief in sight, will probably be able to continue operations and that they may pay as little as 10 cents on each dollar that they owe to suppliers and vendors (this figure or any settlement figure must be approved by a committee of claimants).

This is the second brush with bankruptcy for the company and follows the successful first emergence from protection in 2004.

With the economic climate we now find ourselves in, I think they will have a tough road ahead of them (not a pun).

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



Age: 73
Joined: 23 Dec 2008
Posts: 456
Location: Louisville, Kentucky

PostPosted: Sat Feb 14, 2009 6:20 pm    Post subject: Reply with quote

Last time they tried to save a few dollars at their facility in Winnipeg by downsizing and working for more flexible work rules, the union went out on strike and the Canadian government forced MCI into negotiations that probably made the matter worse. This was only a few years ago.

I seem to recall the mayor of Winnipeg telling the newspapers that "MCI was not being a good corporate neighbor" by talking about layoffs and pay reductions.

Nothing like government meddling to help cause the economy to fail. Oh wait --

timecruncher
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