Coach America Cleared To Borrow $15M In Ch. 11

Law360, New York (January 5, 2012, 2:49 PM EST) -- Tour and charter bus giant Coach America on Thursday won Delaware bankruptcy court approval to borrow $15 million to keep its fleet rolling as it works to restructure a hefty debt burden in Chapter 11.

Coach Am Group Holdings Corp., the parent of Coach America Holdings Inc., and 48 affiliates filed for court protection on Tuesday, saying the lingering economic downturn has left it unable to keep up with loan payments.

The company listed $274 million in assets against $402 million in debt as of Nov....
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