MCI USA FILES FOR CHAPTER 11
Motor Coach Industries (MCI), Schaumburg, Ill., a manufacturer of buses and bus-related aftermarket parts and services, announced it has filed for pre-negotiated Chapter 11 bankruptcy. MCI said it has reached agreement with its secured lenders regarding a restructuring that will substantially reduce the company's debt.
The restructuring plan will be funded by the investment management firm Franklin Mutual Advisers, LLC, and certain of its affiliates. MCI said the filing is not expected to impact the company's production facilities, delivery schedules, after-sale parts availability or service centers. The filing pertains only to MCI's operations in the United States. The company's Canadian operations are not included in the filing, according to an MCI announcement.