Schaumburg firm has reorganization plan approved

Motor Coach Industries International Inc., the bankrupt maker of long-distance buses, won court permission to send its reorganization plan out for a vote of its creditors, who are split over whether to fight the proposal.

U.S. Bankruptcy Judge Brendan Linehan Shannon approved a disclosure statement, a description of the plan to help creditors decide whether to support the reorganization.

Motor Coach, based in Schaumburg, and six affiliates filed for protection from creditors in U.S. Bankruptcy Court in Wilmington, Delaware, blaming falling demand, rising steel costs and the weakening of the U.S. dollar. Creditors and lenders told Shannon today that the company probably will be able to reorganize and leave bankruptcy intact.

The case is In re: Motor Coach Industries International Inc., 08-12136, U.S. Bankruptcy Court, District of Delaware (Wilmington).