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Neoplan USA Files for Bankruptcy; Cites Debt Load

Date

September 4, 2006

Article

Neoplan USA Corp. of Lamar, Colo., has filed for Chapter 11 bankruptcy protection. The company had announced the shutdown of the Lamar plant in November 2005, and sold its last bus in April.

At the time of the announcement, Neoplan USA cited a lack of orders and ongoing financial difficulties as the reasons behind the shutdown. The company delivered the last bus in its final order--25 articulated buses for Pittsburgh's Port Authority of Allegheny County--early in 2006.

Neoplan USA had operated the Lamar plant since 1981, and moved its headquarters and design center from Lamar to Denver in 2004 as the culmination of an ongoing revamping of the management team over the previous two years.

A statement from Neoplan President Harold Boade said, "The company has a very high debt load, and without manufacturing operations this debt cannot be serviced."

Neoplan parts remain available through Neopart, which is operating as a stand-alone parts business in Honeybrook, Pa.

Date Added

11/20/2006

Date Edited

11/20/2006

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