Under the multiple pressures of declining market demand, rising steel costs, and the depreciation of the US dollar, the largest long-distance bus supplier in the United States, Bus Industry Corporation, and six branch companies filed for bankruptcy against the Delaware Bankruptcy Court on Monday under Chapter 11 of the Bankruptcy Law of the United States. The total estimated value of its listed assets is $1 billion, while liabilities are as high as $765 million.
J. Michael Mcllwain, chief financial officer of Bus Industry Corp., stated in his submission to the court that the financial situation of the company continued to deteriorate in 2008 due to rising raw material prices and pressure from exchange rate changes. At present, the Bus Industry Company has discussed restructuring with Franklin Mutual Advisors LLC, one of the major creditors, and the company decided to cut its debt by 300 million U.S. dollars. According to court documents, the agreement made Franklin and other creditors equally own company shares. At present, most of the shares are owned by JLLartners. Coach Industries stated that the company plans to borrow 315 million U.S. dollars from General Electric Capital Markets to help fund operations during the restructuring process. The company disclosed to the outside world that the matter was going well.
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