Motor Coach Industries effective date deadline extended again, this time to April 10

By Caroline Salls

Pittsburgh, April 7 - Motor Coach Industries International, Inc.'s plan of reorganization effective date deadline has been extended to April 10 from April 6, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, Motor Coach requested court approval on March 20 to make changes to the confirmed plan, including a $40 million rights offering increase and a reduction to the company's proposed exit term loan.

The company said the changes are necessary for the implementation of an agreement in principle that will allow the company to emerge from bankruptcy. However, the agreement in principle is still subject to resolution of remaining issues with General Electric Capital Corp. and Motor Coach's term loan lenders.

This is the third time the effective date deadline was extended from the original Feb. 28 deadline.

Motor Coach Industries, a Schaumburg, Ill.-based designer, manufacturer and marketer of inter-city coaches and related replacement parts for the North American market, filed for bankruptcy on Sept. 15, 2008. Its Chapter 11 case number is 08-12136.

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