Chilean bus operator Inversiones Alsacia SA sought bankruptcy protection in a U.S. court, saying fare evasion and declining ridership have made it difficult to meet financial obligations, Bloomberg News reported yesterday. The company, Santiago’s biggest bus operator, listed assets of as much as $500 million and debt of as much as $1 billion in a chapter 11 filing yesterday. Alsacia, which missed an August $39.6 million payment on notes due in 2018, filed in New York because it has assets in the city’s banks. Its filing included a proposed debt exchange that has creditor backing.
