Coach USA Files for Chapter 11 Bankruptcy in Delaware (1)

Coach USA Inc. files for Chapter 11 bankruptcy protection in Delaware, according to a court filing.

• Estimated liabilities: $100m-$500m
• Estimated assets: $100m-$500m
• In a separate statement Coach says it entered an asset purchase agreement with a unit of the Renco Group, Inc. for sale of some bus lines, including Megabus Retail and Megabus Canada
  • Existing Megabus intellectual property and retail operations will also be part of the transaction
  • US Megabus ops will continue while co. pursues an ongoing transition to the existing partnership business model
  • Also entered asset purchase pact with AVALON Transportation for several of the bus lines, including ...