A federal bankruptcy judge Wednesday granted Greyhound Lines Inc. an extension until Nov. 19 to file its financial reorganization plan.
The nation's largest bus transportation company filed for protection under Chapter 11 of the federal bankruptcy law June 4, three months after a walkout by some 6,300 drivers. The drivers struck when negotiations broke down over a new contract.Under federal law, the company originally had until Oct. 2 to file its plan of reorganization. The latest ruling by Judge Richard Schmidt extended that deadline by another 48 days to Nov. 19.
J. Michael Doyle, Greyhound's chief financial officer, said the company had made significant progress in its financial recovery during the summer.
"We appreciate the court's vote of confidence in giving us this brief extension," he said.
For the week ended Sept. 23, Doyle said, the company had ticket sales equal to 94.2 percent of the comparable week of last year.
Other Greyhound officers said the company does not expect to ask for additional extension and that it plans to file its reorganization plan by the current deadline.