Alexandria, Va. — The American Bankruptcy Institute’s (ABI’s) Asset Sales Committee announced that the bankruptcy case of In re Coach USA, Inc. was awarded the 2024 “Asset Sale of the Year” award. The committee congratulated the individuals and firms that were involved in the sale under § 363 of the Bankruptcy Code: Alston & Bird, Young Conaway, CR3 Partners, Houlihan Lokey, Goldberg Kohn, Brown Rudnick and Dundon Advisers. Bankruptcy sales (via either § 363 or a chapter 11 reorganization plan) that closed between January 1 and December 31, 2024, were eligible for the contest, and at least one professional involved in the sale had to be a member of ABI’s Asset Sales Committee. Self-nominations were permitted. Submissions were received from January through March 18, 2025.

Coach USA was one of the oldest ground transportation enterprises, as well as the largest ground transportation company operating in North America. With operations in both the U.S. and Canada, Coach USA provided service to millions of passengers annually, many of whom depended on Coach USA services for daily transportation needs. In addition, Coach USA employed more than 2,200 workers. The key outcome of the Coach USA case was the careful assembly of three going-concern sales of the vast majority of the Coach USA business to three separate and distinct purchasers: Renco, Avalon and Wynne. With these sales, customers would continue to have access to ground transportation services, and employees who had served the enterprise with dedication would continue their employment. 

Criteria for the ABI “Asset Sale of the Year” award submissions included:

• Completion of a distressed sale (in or outside of court via § 363, a plan, an assignment for benefit of creditors, Article 9, receivership, etc.) that was strategic and provided stakeholders with value (“Sale”);
• A display of excellence across the full spectrum of the Sale process, from the initial targeting through pursuit, structuring and financing, to completion of a transaction;
• A Sale that reflects a high level of professional expertise in the design of the transaction, and/or creativity and skill in completing the transaction; and/or
• A Sale of strategic or legal significance and impact (winning entries might focus on overcoming challenges to complete the Sale, innovative financial engineering, and/or motivating agreement across multiple stakeholders). The dollar amount of the Sale is not relevant.

For further information about the Asset Sales Committee and ABI’s 18 other specialty-based ABI committees, please click here: https://www.abi.org/members/membership/committees. 

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ABI is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes nearly 10,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information. For additional information on ABI, visit www.abi.org. For additional conference information, visit http://www.abi.org/calendar-of-events.