Laidlaw in bankruptcy
Jun 28, 2001 12:00 PM
Canadian conglomerate Laidlaw Inc., which provides a host of transportation services though several of its subsidiaries, has filed for bankruptcy protection as it seeks to reorganize its businesses. The company and five of its subsidiaries -- Laidlaw Investments Ltd., Laidlaw International Finance Corporation, Laidlaw One, Inc., Laidlaw Transportation, Inc. and Laidlaw USA, Inc. -- have filed for chapter 11 protection in the United States Bankruptcy Court for the Western District of New York. The company and Laidlaw Investments Ltd. will also be filing cases under the Canada Companies’ Creditors Arrangement Act (CCAA) in the Ontario Superior Court of Justice in Toronto, Ontario. None of the company’s operating units are included in the filings and they are not affected by today's actions and will continue to carry on their businesses as usual, Laidlaw said. Subject to receiving court approval and completing final documentation, Laidlaw expects to enter into a $200 million debtor-in-possession (DIP) financing facility with GE Capital. The DIP financing would provide total borrowing availability of $200 million, including a $100 million letter of credit sub-facility Transportation is one of the cornerstones of Laidlaw. Laidlaw Education Services provides school bus services in the U.S. and Canada; Greyhound Lines, Inc. provides intercity bus transportation in Canada, the U.S. and Mexico; Laidlaw Transit Services operates bus systems for public transit authorities in the U.S. and Canada; American Medical Response, Inc. (AMR) is the largest provider of ambulance services in the United States; and EmCare Holdings, Inc. and its operating units comprise the leading U.S. emergency department management business.
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