Leasing Company Files For Bankruptcy Protection
January 14, 2000
Bush Leasing, a commercial truck leasing company based in Wilmington, OH, has filed for Chapter 11 bankruptcy protection.
The Associated Press reports that Bush Leasing has more than 1,000 creditors, among them RPS, Goodyear Tire & Rubber, Nissan Diesel America, Western Ohio Freightliner and Fleetmasters Inc.
Filing Chapter 11 lets a company hold creditors at bay while reorganizing the business. Bush Leasing was forced to file after talks fell through about changing the terms of $310 million in secured debt because of cash-flow problems.
The company is looking into the possible sale of some or all of its lease portfolio.
Bush Leasing leases or rents vehicles in 48 states and employs 200 people. Truck leasing accounts for more than 60% of its business.