Bankruptcy Reorganization Chapter 11

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Bankruptcy Reorganization Chapter 11

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July 06, 2011

USA United Fleet, Inc. Files For Chapter 11

USA United Fleet, Inc. and seven related entities filed for Chapter 11 today at the United States Bankruptcy Court for the Eastern District of New York

The Staten Island, New York-based bus companies are represented by Anderson Kill & Olick, P.C.

According to Court documents, the Debtors have a fleet of approximately 400 vehicles operating from three different facilities, with its main operating facility located in Brooklyn.  They employ approximately 1200 people.  On a consolidated basis, the Debtors generated most recent revenues of approximately $88.9 million.  Exclusive of goodwill, as of June 30, 2011, consolidated assets are approximately $18.6 million. 

Comerica Bank, All Points Capital Corp and the IRS are listed as secured creditors. 

According to the Comptroller's Declaration, "the Debtors have simply fallen victim to a trifecta of circumstances", including a payroll embezzlement, a demanded Union security deposit and unilateral note adjustments by its secured lender.

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