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Motor Coach Unveils Plan To Pay Secured Creditors

Law360 (October 31, 2008, 12:00 AM EDT) -- Coach bus maker Motor Coach Industries International Inc. has filed a Chapter 11 reorganization plan that promises to pay its secured creditors in full by offering new stock, but will leave unsecured creditors and existing stockholders in the dust.

Motor Coach already revealed, shortly after filing for bankruptcy in September, that it had an agreement with its secured lenders that did not provide any distribution for unsecured creditors. Its plan and associated disclosure statement, filed Thursday in the U.S. District Court for the District of Delaware,...
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