Bank debt for the off-the-run Motor Coach Industries traded in the mid 80s last week. The name has traded back up from the 70s since Moody's Investors Services downgraded the loan to Caa2 last fall. At that time, the company had been struggling to meet its covenants and a deterioration in operating results was expected (LMW, 9/29). It is unclear whether those issues have been resolved.
CIBC World Markets, GE Capital, and Scotia Capital hold roles on the company's credit. The company had $311.8 million outstanding on its bank debt, according to its last public 10-Q filed in May 2001. Joseph Littlejohn & Levy is the company's majority shareholder. An assistant to Allan Swanson, Motor Coach's cfo, said the company was "not interested" in commenting.