Coach USA Completes Transaction with Affiliates of The Renco Group

Moving Forward with Stronger Financial Foundation

Poised to Enhance Operations and Passenger Experience

Operating Lines and Serving Customers and Communities as Normal

PARAMUS, NJ – November 1, 2024 – Coach USA (the “company"), a leading provider of passenger transportation and mobility services, today announced it has completed its previously announced transaction with an affiliate of The Renco Group, Inc., Bus Company Holdings US, LLC (“BCH US”).

Following the completion of the transaction Coach USA is operating the following bus lines under the ownership of an affiliate of the Renco Group: Dillon’s, Elko, Megabus Retail, Montreal, Olympia, Trentway/Ontario (including Megabus Canada), Perfect Body, Rockland, Shortline (including Chenango Valley Bus Lines), Suburban, Van Galder and Wisconsin Coach – as well as certain assets of Community Coach. The existing Megabus intellectual property and retail operations are also part of the transaction.

The Coach USA lines are operating normally and without interruption. Customers and commuters can continue to book trips and track schedules through their usual Coach USA channels.

Derrick Waters, Chief Executive Officer of Coach USA, said, "We are moving forward with new owners and a solid financial foundation that will help us drive future growth and services improvement as we strive to be the safest transportation company in North America. The Renco Group brings additional resources and strategic expertise that will support our plans to invest in new technologies, fleet upgrades and service enhancements - all helping to ensure a modern and efficient travel experience for our passengers. Our commitment to providing reliable and affordable transportation is stronger than ever, and we are proud to continue serving communities that have relied on our transportation network for decades."

Mr. Waters continued, "The completion of this transaction serves as an important milestone in the journey of Coach USA. I am incredibly grateful to our employees for their unwavering commitment to working with our valued partners and vendors and safely serving our loyal customers across our routes and markets, every day."

Ari Rennert, President of The Renco Group, commented, "We are pleased to complete this transaction with Coach USA. Coach USA and its affiliated brands are blue-chip household names and serve a critical role in customers' lives across North America. We look forward to supporting the Company in this next phase of the business' journey as its talented management team looks to modernize and enhance the travel experience for all passengers."

The Company has also separately completed the previously announced transactions, pursuant to which:

• Affiliates of AVALON Transportation, LLC, have acquired the Lenzner, Kerrville, All West and ACL Atlanta lines.
• Affiliates of Wynne Transportation have acquired the Powder River operation and the Butler Motor Transit body shop operation located in Butler, PA.

Additional Information

Les documents déposés auprès du tribunal et d’autres informations liées aux procédures sont disponibles sur un site Web distinct administré par l’agent de traitement des réclamations de la société, Kroll, au https://cases.ra.kroll.com/CoachUSA; par téléphone au +1 844 547-4557 ou +1 646 777-2330 si vous vous trouvez en dehors des États-Unis ou du Canada; ou par courriel à l’adresse CoachUSAInfo@ra.kroll.com.

Advisors

Alston & Bird LLP served as the company's legal counsel, Houlihan Lokey, Inc. served as financial advisor, CR3 Partners, LLC served as restructuring advisor and Spencer M. Ware served as Chief Restructuring Officer.

À propos de Coach USA

Coach USA est l’une des plus grandes entreprises de transport des passagers à l’échelle nationale, dont la priorité est la sécurité de ses clients et de ses employés. Nous exploitons 2 250 véhicules et comptons plus de 2 700 employés qui desservent des millions de passagers. Coach USA propose des services de transport interurbain et local essentiels aux communautés des États-Unis et du Canada avec Coach Canada. Coach USA possède et exploite également Megabus, qui fournit un service d’autobus express abordable pour les voyages interurbains. Depuis son lancement en 2006, Megabus a desservi plus de 50 millions de clients à travers plus de 500 villes du pays.

Coordonnées pour les médias

Michael Freitag/Aaron Palash/Spencer Hoffman/Catherine Simon

Joele Frank, Wilkinson Brimmer Katcher

212-355-4449