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SURFACE TRANSPORTATION BOARD ENCOURAGED BY RECENT DEVELOPMENTS CONCERNING GREYHOUND LINES
Surface Transportation Board (Board) Chairman Linda J. Morgan announced today that the Board has issued a decision noting that positive financial and operational developments for Greyhound Lines, Inc. (Greyhound) have been reported by Greyhound and its parent Laidlaw, Inc. (Laidlaw).
In a decision issued to the public on August 18, 2000, the Board observed that Greyhound had stated in a Securities and Exchange Commission (SEC) filing that, if it did not find additional funding from other sources, it might "not be able to continue to operate as a going concern." Concerned about the impact on the traveling public if Greyhound were suddenly to cease operating, the Board directed Greyhound and Laidlaw to explain the nature of the potential transportation crisis and to indicate what future steps they planned to take.
In response to comments filed by Laidlaw and Greyhound, the Board indicated in today's decision that it was encouraged that Greyhound has received financing that the Board hopes will enable Greyhound to meet its cash needs and be independent of Laidlaw for its near-term financial needs. The Board also noted Greyhound's ridership increases. To enable it to track future developments and take any necessary action, the Board directed Greyhound and Laidlaw to follow through on their offer to file copies of future SEC filings of Form 10-Q, Form 10-K, and Form 8-K, and promptly to advise the Board of developments that could affect Greyhound's ability to perform its common carrier obligations.
The Board's decision was issued today in
Laidlaw Inc. and Laidlaw Transit Acquisition Corp.--Merger-- Greyhound Lines, Inc.
, STB Docket No. MC-F-20940. A printed copy is available for a fee by contacting:
Office Solutions, Room 405, 1925 K Street, N.W., Washington, DC 20006, telephone (202) 466-5530
. Today's decision is also available for viewing and downloading via the Board's website at