Bus operator Coach USA is exploring financial restructuring options including a potential bankruptcy as its business has suffered since the pandemic, WSJ Pro Bankruptcy reported. Coach, which bills itself as the largest privately-owned bus company in the nation, has engaged Houlihan Lokey as a financial adviser, Alston & Bird as restructuring counsel, and CR3 Partners as a restructuring adviser, the people said. The New Jersey-based company has struggled to recover from a decline in ridership following the onset of Covid-19, they said. Private-equity firm Variant Equity acquired Coach USA in 2019 from Stagecoach Group in a transaction valued at $271 million. Stagecoach bought Coach USA in 1999 for $1.24 billion. Coach USA, which has been operating for more than 100 years, has 27 locations throughout the U.S. and Canada, more than 3,000 employees and 2,250 buses, according to its website. The company also owns and operates the Megabus intercity bus lines.
