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Greyhound Parent Emerging from Bankruptcy

February 28, 2003
Greyhound Lines' corporate parent is pulling out of bankruptcy. Laidlaw, Inc. has been operating under bankruptcy protection in both the U.S. and Canada since June 2001.

Besides Greyhound, Laidlaw operates school buses in many major American cities, as well as shuttle buses and other transit services. Its financial troubles mounted after it acquired Greyhound and Safety-Kleen Corporation, an industrial waste handler.

The Ontario-based company's plan to emerge from bankruptcy won the approval of a Buffalo, NY, federal judge today. The company will wipe out nearly $3 billion of bank and bond debts. Bondholders and unsecured creditors will get cash, new notes and almost all of the stock in the new company. Current shareholders will get nothing.

Greyhound is the only remaining long-distrance bus company in the U.S. Since Laidlaw acquired Greyhound, consumers have increaseingly complained of poor service, hostile employees, late buses and missed connections.

"They have the business. If they would treat the customers right then maybe they could turn this company around," said Cheri of Shepherd, TX, in a complaint to ConsumerAffairs.com. "I have never, never encountered such rude people. If I ever talked to my customer like that I wouldn't have a job anymore."

"Every person that I saw or came in contact with that was an employee was rude and at every turn said, 'If you don't like it call the police,'" Gary of Lancaster CA said in recounting a recent trip on Greyhound.

Under the plan approved by Judge Michael J. Kaplan, Laidlaw would emerge from bankruptcy in mid-April.

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