VecTour Forced Into Chapter 11, as Business Drops 50 %

Pennsylvania-based motorcoach operator VecTour, Inc. has been forced to seek chapter 11 bankruptcy protection caused by a sharp 50 percent drop in business, following the terrorist attacks of Sept. 11.

Holland’s ING Group heads a consortium of lenders with secured claims of $102 million which has agreed to provide additional financing up to $5 million to try and help VecTour recover. The company specializes in airport shuttle service for airline crews, sightseeing busses and transport for conventions, all sectors which have severely curtailed their activities after the attacks, resulting in multiple cancellations.