Coach USA, the parent company of Wisconsin Coach Lines in Waukesha, has filed for Chapter 11 reorganization in order to sell off assets and move the business forward. The company has entered into a purchase agreement with Bus Company Holdings and AVALON Transportation, LLC, to sell off several bus lines, including Wisconsin Coach Lines and Megabus. Despite facing challenges from the COVID-19 pandemic, Coach USA aims to preserve thousands of jobs and continue to provide passenger transportation services to customers in the United States and Canada.
The filing indicates that Coach USA has 1,000 to 5,000 creditors and estimated assets and liabilities between $100 million and $500 million. The company listed 92 affiliates, including Wisconsin Coach Lines, that have filed for Chapter 11 reorganization. CEO Derrick Waters emphasized the company’s commitment to safely transporting passengers, working with contract customers, and transportation agency partners during the reorganization process. Coach USA has secured debtor-in-possession financing to support its operations, pending court approval.
Coach USA’s statement also mentioned that the company plans to continue paying wages, offering employee benefits, and paying vendors and suppliers in full during the court-supervised process. With a focus on maximizing the value of its assets and navigating the challenges brought on by the pandemic, Coach USA remains dedicated to serving its customers and communities while working towards a successful reorganization.
