A&G to Auction Eight Bus Terminal Leases as Part of Coach USA’s Expedited Restructuring Process
August 19, 2024
Source: A&G Real Estate Partners
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A&G to Auction Eight Bus Terminal Leases as Part of Coach USA’s Expedited Restructuring Process --Bankruptcy sales of leases for large, strategically located properties represent a strong opportunity for transportation and trucking companies; court-approval pending |
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NEW YORK – August 13, 2024 —A&G Real Estate Partners, in its capacity as real estate advisor topassenger transportation and mobility services providerCoach USA (“the company”), today announced the upcoming auction of eight bus terminals across the United States, as part of the company’s expedited financial restructuring. The bid deadline isAugust 28, 2024, subject to court approval of bid procedures. Paramus, N.J.-base Coach USA this past Juneannounced that it had commenced voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware, with a goal of preserving jobs, ensuring continued service and maximizing the value of its businesses. The company continues to operate as normal and remains focused on safely serving customers across North America. “These eight bus terminals offer ample space for parking, storage and repair/maintenance, and they also boast strategic locations near airports, highways and major U.S. markets,” saidEmilio Amendola, Co-President of A&G Real Estate Partners and head of the firm’s real estate sales division. “Bus and trucking companies already are expressing strong interest in these sites.” The terminals are located in:
“These assets offer attractive rents, and the Elizabeth location is adjacent to the Port of Newark, with very significant remaining term adding to the appeal,” said Chief Restructuring OfficerSpencer M. Ware, Partner, CR3 Partners, LLC. “It’s a tremendous opportunity for the U.S. transportation sector.” Houlihan Lokey is the company’s investment banker, withAlston & Bird as well asYoung Conaway Stargatt & Taylor, LLP, serving as debtor’s counsel. For further information on the assets, visit www.arep.com/real-estate-for-saleor contact Emilio Amendola, (631) 465-9507,emilio@agrep.com, orDoug Greenspan, A&G Senior Managing Director, (310) 770-7832,doug@agrep.com #### Media Contacts: At Jaffe Communications, Elisa Krantz, (908) 789-0700,elisa@jaffecom.com. |