Coach USA, Inc., a North American passenger transportation operator that includes the Megabus intercity coach brand and 25 business segments across the U.S. and Canada, filed for Chapter 11 protection on June 11, 2024 in the District of Delaware (Case No. 24-11258) before Judge Mary F. Walrath. The filing followed a private equity acquisition by Variant Equity from Stagecoach Group in April 2019 for approximately $271.4 million, shortly before the COVID-19 pandemic collapsed ridership to approximately 45% of pre-pandemic levels by 2023 while rising fuel, insurance, and labor costs further compressed margins. At filing, the company carried approximately $197.8 million in funded debt and employed approximately 2,700 workers operating roughly 2,070 buses. The debtors obtained DIP financing with $20 million of new money within a larger $200 million roll-up revolving facility led by Wells Fargo and immediately pursued a multi-track section 363 sale process with multiple stalking horse bidders. Core operating assets were sold to affiliates of The Renco Group (which assumed approximately $130 million of debt), Avalon Transportation, and Wynne Transportation, with the Renco transaction closing November 1, 2024. Following completion of the major sales and residual asset dispositions, the cases were converted to Chapter 7 effective December 31, 2024, with Alfred T. Giuliano appointed as Chapter 7 trustee.