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Numerous airlines have filed for bankruptcy and now the same troubles have reached ground transportation. In a January 3rd, 2012 New York Times article it was reported that Coach America filed for bankruptcy protection.
The company, which is one of the country’s biggest bus operators, filed for a Chapter 11 protection in a Delaware bankruptcy court. The company claimed in their court documents that they had roughly $400 million in liabilities and $274 million in assets. The company additionally explained to the court that although their “operations were relatively solid” they had still suffered “consecutive yearly losses.”
To continue operations as usual though the bankruptcy the company has taken out a $30 million loan from JPMorgan Chase. The company additionally noted that at this time there are no plans for interruptions in service.
We at the Law Offices of Jayson Lutzky, P.C., are pleased to know that efforts are being made to better protect consumers. If you are struggling with debt, and you are in need of legal advice, please feel free to call us at 1-800-660-5299 or visit us at www.bankruptcynyc.com for a free initial consultation.