Coach America Holdings Updates Sale Auction Proceedings
Coach America Holdings Inc. announced that it has re-scheduled the sale auction date related to its Chapter 11 proceedings to April 25, 2012. The sale auction had originally been scheduled for April 18, 2012. The one-week delay reflects the timely submission from the Pre-Petition First Lien Agent, pursuant to Section 9.1 of the Prepetition First Lien Credit Agreement, of its intent to submit a Credit Bid under Section 363 of the U.S. Bankruptcy Code.
As previously announced on January 3, 2012, Coach America Holdings Inc. and its U.S.-based subsidiaries filed to reorganize under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware.
Coach America is a tour and charter bus operator and the second largest motorcoach service provider in the U.S. surface transportation industry.
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