School bus operator Atlantic Express files for bankruptcy

Mon Nov 4, 2013 9:24pm EST

Nov 4 (Reuters) - School bus operator Atlantic Express Transportation Corp filed for chapter 11 bankruptcy protection late on Monday, a court filing showed.

New York-based Atlantic Express listed out estimated liabilities and assets of $100 million to $500 million.

Atlantic Express, founded in 1964 with 16 vans, operates a fleet that ranges from sedans and wagons to a variety of school buses and luxury coaches.

Two funds of Wayzata Investment Partners, a private equity firm that specializes in purchasing distressed companies and assets, own about 63 percent of Atlantic Express, according to the filing.

Besides the company, 39 of its affiliates also concurrently filed for bankruptcy protection.

The case is Atlantic Express Transportation Corp, Case No. 13-13598, U.S. Bankruptcy Court, Southern District of New York.