Union Bids to Buy Greyhound

The Amalgamated Transit Union, which is on strike against Greyhound Lines Inc., said today that it and the New York investment house Blackstone Group are negotiating to buy the nation’s largest bus company.

Greyhound filed for bankruptcy protection in June after the union declared a strike against the interstate bus company on March 2. Greyhound said the bankruptcy filing was due to strike-related losses.

A union official said it wants to put together a financial reorganization plan under which the union and Blackstone would buy Greyhound, a unit of GLI Holding Co.

Greyhound is arranging its own financial reorganization plan and hopes to present a proposal that will be acceptable to its creditors, company spokesman George Gravley said.