Motor Coach Exits Ch. 11 In New Hands

Law360, New York (April 20, 2009, 12:00 AM EDT) -- With former senior lender Franklin Mutual Advisers LLC now behind the wheel as majority shareholder, Motor Coach Industries International Inc. has pulled out of Chapter 11 reorganization, completing a restructuring that was swift but sour for unsecured creditors.

Motor Coach, the leading manufacturer of intercity coaches in the U.S. and Canada, announced Friday that it had emerged from reorganization and obtained $230 million in exit financing provided by GE Capital and a group of second-lien lenders.

Tom Sorrells, CEO of Motor Coach, heralded the company’s emergence...
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