 |
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.
Interpublic posted a 5.1 percent drop in Q3 net revenues to $2.5B as CEO Philippe Krakowsky reports the final financial results of the publicly traded company.
Joele Frank handles Pine Gate Renewables as the Asheville, NC-based solar power development company declares Chapter 11 in the aftermath of Donald Trump’s cuts to wind & solar tax credits.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
