DISTRESSED DAILY: Academy, NJ Commuter Service, Gets Financing

Academy Bus LLC, a carrier of New Jersey commuters for more than 20 years, is getting a financing package to help the company recover from a drop in business during the pandemic.

Academy -- the largest US privately owned motor coach company -- received a $72.5 million credit facility on Sept. 21 from Gordon Brothers to help refinance debts and meet service demand as travel slowly returns to pre-pandemic levels. Among its pandemic challenges were unexpected costs for retrofitting its buses with air-purification units.

“This important financing will also allow us to increase the size of our fleet to ...