| Author | Message | ||
| Arnie Smith (Arniemc5a)
Registered Member Username: Arniemc5a Post Number: 15 Registered: 11-2008 Posted From: 96.50.241.202  Rating: N/A |
Copied from CJOB Radio News, Winnipeg Manitoba This should be of interest to all: Motor Coach Emerges From Chapter 11 4/21/2009 Motor Coach Industries Inc. says it has emerged from chapter 11 bankruptcy protection in the United States and has a new majority owner. MCI says in a statement that a federal bankruptcy court approved a reorganization plan on Jan. 28. MCI filed for chapter 11 bankruptcy protection in September. A spokesman for the bus manufacturer says it has obtained a $230 million credit line. The company says its new majority owner, Franklin Mutual Advisers, converted $200 million of debt into equity. MCI says it also got a $155 million loan from a group of lenders. | ||
| John MC9 (John_mc9)
Registered Member Username: John_mc9 Post Number: 878 Registered: 7-2006 Posted From: 98.70.64.190  Rating: N/A |
So..... It's back into business on borrowed money. That's pretty much what got this Nation into the jam it's in to start with, right? Huh. Good deal. (Message edited by john_mc9 on April 22, 2009) | ||
| doug yes (Dougg)
Registered Member Username: Dougg Post Number: 80 Registered: 1-2007 Posted From: 174.131.35.214 Rating: N/A |
It's time to convert all our debits into equity! | ||
| David Guglielmetti (Daveg)
Registered Member Username: Daveg Post Number: 33 Registered: 2-2009 Posted From: 71.139.244.152  Rating: N/A |
That's what I was thinking....how the hell do I convert my debt into equity? | ||
| Skip N (Skip)
Registered Member Username: Skip Post Number: 44 Registered: 11-2006 Posted From: 161.7.89.98  Rating: N/A |
"through the conversion of third lien secured debt into common stock and the issuance of $200 million in new preferred stock. " To their new major stock holder Just like printing money Skip sorry editing doesn't seem to have the auto url http://www.mcicoach.com/enTouchCMS/app/viewDocument?docID=700 (Message edited by skip on April 22, 2009) | ||
| Clint Hunter (Truthhunter)
Registered Member Username: Truthhunter Post Number: 141 Registered: 1-2009 Posted From: 24.129.232.82  Rating: N/A |
...alrighty then; so in "lame mans" terms how do I get one of these "license to print money" so I can "change" or a a a "call my debt equity" . This kind of reminds me of the titanic, when the captain ordered the steerage class to stay safely below deck while he takes the life boat out for a safety test. Even if I can't get parts for my coach in the "new world" , at least I could still use it for shelter, if the dogs will let me in. | ||
| Skip N (Skip)
Registered Member Username: Skip Post Number: 45 Registered: 11-2006 Posted From: 161.7.89.98 Rating: N/A |
Clint, I'll take that as a rehtorical question. Being taken over by a management investing firm can be good or spell the impending doom of vultures scavanging all usable assets. Only time will tell on this one. Skip | ||
| Buswarrior (Buswarrior)
Registered Member Username: Buswarrior Post Number: 1559 Registered: 12-2000 Posted From: 76.69.141.63  Rating: N/A |
relax, MCI has been in ownership turmoil for just about its entire history. SNAFU. The buses just keep rolling off the assembly line, and the orders keep coming in. Or the other way around, whatever. happy coaching! buswarrior | ||
| Clint Hunter (Truthhunter)
Registered Member Username: Truthhunter Post Number: 142 Registered: 1-2009 Posted From: 24.129.232.82 Rating: N/A |
So true for MCI, the Canadian division (out of Winnipeg, where it all began, just like me) has always been `going broke`and getting tax payer gifts & concessions as a consequence. Not commenting about MCI , just company stock & share trading in general; the old hollow pyramid` game` relies on this sort of strategy of inflating stock way beyond real worth, followed by devaluation & the unleashing of new scams that follow. As the stock-a-tears often snicker, `give us your money to use against you; we never lose`. Aside from the cheat & gain , we will always find a way to keep our `old tech machines` going; easlier so as a collective effort. | ||
| David Lower (Dave_l)
Registered Member Username: Dave_l Post Number: 131 Registered: 11-2007 Posted From: 67.58.201.132  Rating: N/A |
Clint I see you are from Winnipeg originaly I grew up in weston by the cp shops neer Logan and weston rd. At least MCI was not as bad as Flyer going to the Gov. well for help every year. MCI was a good place to work for at one time. Dave L | ||
| Clint Hunter (Truthhunter)
Registered Member Username: Truthhunter Post Number: 143 Registered: 1-2009 Posted From: 24.129.235.190 Rating: N/A |
Winnipeg is a "bus-ie" town, no doubt about it. Of course flyer was started as a crown corporation, feed by 100% tax dollars until it was privatized into New Flyer Industries, which actually increase the government dollars bail-outs involved. I do agree Flyer & New Flyer were very dependent on the tax payer, when compared to MCI's & Prevost's occasional step up to the trough. It is difficult to accept the continuous need for the tax payer to subsidize the industry for decades. I suspect this has a lot to do with the motives for the "bus import laws into Canada" being so biased ; a younger than 12 years non-bus vehicle has the same level of "tariffs & regulations" as a bus born after 1971. Which includes a ban of imports with any modifications to a bus newer than 1971. This bias needs to be challenged and corrected! | ||
| John MC9 (John_mc9)
Registered Member Username: John_mc9 Post Number: 880 Registered: 7-2006 Posted From: 74.162.81.253 Rating: N/A |
Why can't I buy "American Cheese" in Canada? | ||
| Clint Hunter (Truthhunter)
Registered Member Username: Truthhunter Post Number: 145 Registered: 1-2009 Posted From: 24.129.235.190 Rating: N/A |
sorry johnmcnine , you want the whine n'cheese board. However if you can rework that question into a bus n'nut question , perhaps we can do something with it. | ||
| Paso One (Paso_1)
Registered Member Username: Paso_1 Post Number: 134 Registered: 11-2004 Posted From: 142.165.246.239  Rating: N/A |
Well Dave L and Clint it sounds like Old home week. I grew up in Fort Rouge ( Stafford and Corydon ) Built a house in Charleswood. Left in the 80's Recently sold land in Headingley. I'm very familar with the the Bus business stories of Winnipeg. Inside stories as well as published stories  |