Eight of Paramus-based Coach USA‘s bus terminals across the U.S. will be auctioned as part of the company’s expedited financial restructuring, according to A&G Real Estate Partners, a real estate advisory firm with which Coach USA partnered.
Two of the terminals are located in New Jersey — one in Elizabeth and one in Paulsboro.
The bid deadline is Aug 28.
Coach USA this past June announced 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,” Emilio Amendola, co-president of A&G Real Estate Partners and head of the firm’s real estate sales division, said. “Bus and trucking companies already are expressing strong interest in these sites.”
The other six terminals are located in California (Bakersfield), Maryland (Landover), Ohio (Columbiana), Pennsylvania (Fairview) and Texas (Austin and Houston).
“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,” Chief Restructuring Officer Spencer Ware, partner, CR3 Partners, said. “It’s a tremendous opportunity for the U.S. transportation sector.”
Houlihan Lokey is the company’s investment banker, with Alston & Bird as well as Young Conaway Stargatt & Taylor LLP, serving as debtor’s counsel.
