It would seem Global Charter Services Ltd (aka BusBank) thought it was a real bank and has followed some of the worlds great and the good in the financial sector. News reaches us that BusBank has filed for Chapter 11. Their website still seems to be up and running but they haven’t posted on their blog since 24th April 2009 (they used to post very regularly) – so maybe its been in place a while and its been a long time coming.
They have between 200 to 999 creditors with total liabilities between $1m and $10m. Seems like they also owe Coach USA $1m and plenty of operators between $35k and $90k each. Ouch!
Someone has kindly uploaded the chapter 11 documents here for us.
If you have a story to tell about BusBank and its filing for Chapter 11 we would be interested to hear it. Share it with our readers in the comments section below.
Dean
