Coach USA, LLC is a prominent transportation company founded in 1995 and headquartered in Paramus, New Jersey. It provides extensive public bus services across the United States and Canada.
According to reports, Coach USA filed for Chapter 11 bankruptcy on June 12, 2024, citing a significant decline in ridership as well as debt due to the pandemic with 3 sales agreements in place. The company’s debt profile is over $360 million USD, as Coach plans to sell its assets.
Coach has since been acquired by private equity firm Variant Equity Advisors for $270 million USD in debts. The company also plans to sell the majority of its assets to Renco Group in exchange for taking on $130 million USD of the company’s debt. Avalon Transportation and ABC Buses will also buy a fleet of buses for $14.8 million and $2.3 million USD.
The report further mentions that buses will continue to run during the company’s bankruptcy and the agreement would preserve jobs for about 2,100 Coach employees.
