Wintrust Business Minute: Owner of Megabus files for bankruptcy protection

Wintrust Business Lunch

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16d ago

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Steve Grzanich has the business news of the day with the Wintrust Business Minute.

The company that owns Megabus has filed for bankruptcy protection. Coach USA made the filing in Delaware and says it owes creditors between $100 and $500 million. Megabus has commuter lines connecting Chicago to dozens of Midwest cities. The filing says the company has been unable to recover from a decline in ridership that started during the COVID pandemic. Ridership recovered last year to just 45% of pre-pandemic levels. The company is borrowing money to keep operating during bankruptcy. Megabus has been serving Chicago since 2006.

Also, a new report says the typical black household in the Chicago area has zero net worth. The study was conducted by the Institute on Race, Power & Political Economy at the New School in New York. Listen for more below:

https://serve.castfire.com/audio/5139525/5139525_2024-06-17-173925.64kmono.mp3

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