Altogether, the bus and coach group will raise gross proceeds of approximately USD444m through the refinancing plan.

Coliseum Capital Management already holds 12.4% of NFI’s issued and outstanding common shares; following the closure of the private placement on 30 June, the investment firm will own over a third of all NFI’s shares.

Kei replaces Brian Tobin, who leaves the Board after 17 years.

The Canadian bus and coach group's income went into the red in 2022, with adjusted EBITDA tumbling from USD164m the year before to minus USD59m.

Owing to poor cash flow, the NFI Group is set to receive a support package worth approximately USD187m from the Government of Manitoba and Export Development Canada.

BAE Systems Inc, headquartered in Endicott, New York, has announced it is to supply the Southeastern Pennsylvania Transport Authority (SEPTA) with up to 340 Series-ER hybrid electric drive systems for its new fleet of low emission transit buses.

The bus and coach group reported revenues of USD2.3bn for the entire year, a 3% decrease on the year before.

The ITxPT aims to widen the interoperability between IT systems in the public transportation sector in the European and North American markets by creating an "open architecture".

The Hydrogen Fuel Cell Bus Council, including members such as NFI Group and Ballard Power Systems, aims to promote the development and uptake of fuel-cell electric buses in the USA.

Larbert, Scotland-based bus and coach builder Alexander Dennis Ltd (ADL), a subsidiary of NFI Group Inc, has announced it is restarting production of Plaxton coaches at its factory in Scarborough. Production had been temporarily paused after the coronavirus pandemic caused a drop in demand.

Alexander Dennis Ltd has begun deliveries from a 198-unit order of Enviro500 double deck buses to Berlin’s public transport operator BVG.

BYD has been targeted in a total ban on federal transit funding for manufacturers linked to China, which came into effect on 20th December 2021.