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Joele Frank is handling the Chapter 11 filing of Coach USA, the intercity bus line that suffered a sharp plunge in ridership during the pandemic.
Coach noted that ridership and demand throughout the ground transportation business remains well below pre-pandemic levels.
The Paramus, NJ-based company has entered into agreements with Renco Group and Avalon Transportation to sell certain of its bus lines, including the Megabus brand.
Coach CEO Derrick Waters believes the court-supervised sale process provides the time and flexibility for the company to maximize the value of its assets.
He said the “top priority remains safely carrying the millions of passengers who choose our buses each year and working with our valued contract customers and transportation agency partners.”
Coach has 2,250 vehicles and 2,700 employees. Since launching in 2006, Megabus has served more than 50M customers in about 500 cities across the US.
Joele Frank, Wilkinson Brimmer Katcher has Michael Freitag, Aaron Palash, Spencer Hoffman and Catherine Simon working the Coach bankruptcy.
Longacre Square Partners represents Ancora Holdings as it urges the board of Big Yellow Group to conduct a strategic review of the UK’s No. 1 self-storage company.
Kekst CNC handles Getty Images as it begins a prepackaged Chapter 11 reorganization and receives a commitment from Koch Equity Development and the Getty family to invest $533M in the visual content company.
As capital concentrates among established firms, emerging managers must find new ways to earn investor confidence.
Teneo handles True Food Kitchen as the Scottsdale, AZ-based wellness food restaurant chain that counts Oprah Winfrey as a minority investor files for Chapter 11.
FGS Global and Teneo represent Canada’s billionaire Weston family as its Wittington Investments holding company acquires Boots Group, the 177-year-old UK health & beauty retailer, from Sycamore Partners for $8.9B.
