Blue Bird Bus Company

Blue Bird, which has been manufacturing the familiar yellow school buses since 1927, was attempting a prepackaged planned reorganization. The plan depended on an unanimous agreement by its equity holders to restructure its debt. One of them, however, was holding out and holding up the process.

Why Speed is of the Essence

From the moment DRC got the call, the emphasis was on speed. Within hours of receiving the assignment, DRC personnel were on the first leg of the trip to the company's headquarters in Fort Valley, Georgia. For the next 12 days, they worked there to accommodate continual changes, facilitate the filing and handle the vote. In addition, DRC set up a virtual data room for potential buyers and created a special system to allow the company to track their interest.

Getting Results

Working at maximum efficiency, DRC assisted counsel and restructuring professionals in preparing creditor matrices, setting up a virtual data room that aided in the sale of the company, and solicited votes on the plan of reorganization. These efforts resulted in Blue Bird spending a mere 32 hours and 24 minutes in Chapter 11.