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RailBus63 Moderator
Joined: 16 Apr 2007 Posts: 1063
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Posted: Mon Sep 15, 2008 9:13 pm Post subject: MCI restructures with Chapter 11 bankruptcy |
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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 BusTalk's Offical Welcoming Committee
Joined: 16 Apr 2007 Posts: 5071 Location: BRENTWOOD, CA. - WOODMERE, N.Y.
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Posted: Mon Sep 15, 2008 11:17 pm Post subject: |
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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!
Mr. Linsky - Green Bus Lines, Inc., Jamaica, NY |
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