Laidlaw Inc. confirms new financing (August 14, 2001)

Avatar photo

BURLINGTON, Ont. — Laidlaw Inc. confirms it has completed final documentation required to establish $200 million financing plan.

The deal, including a $100 million letter of credit, is being provided by General Electric Capital Corporation and General Electric Capital Canada and is known as a revolving debtor-in-possession (DIP) financing facility.

The DIP was approved by the Ontario Superior Court of Justice, as well as the U.S. Bankruptcy Court.

“With the DIP financing facility in place, current cash-on-hand of approximately $260 million and approximately $70 million of availability under the Greyhound Lines Foothill facility, Laidlaw currently has liquidity in excess of $530 million,” says Steve Cooper, the company’s chief restructuring officer.

Last month, Laidlaw Inc. filed for bankruptcy protection on both sides of the border. This generated a great deal of confusion concerning Laidlaw Carriers, which is not actually part of the same company and thus completely unaffected by the news.

Avatar photo

Truck News is Canada's leading trucking newspaper - news and information for trucking companies, owner/operators, truck drivers and logistics professionals working in the Canadian trucking industry.


Have your say


This is a moderated forum. Comments will no longer be published unless they are accompanied by a first and last name and a verifiable email address. (Today's Trucking will not publish or share the email address.) Profane language and content deemed to be libelous, racist, or threatening in nature will not be published under any circumstances.

*