Bus manufacturer Ebusco delays October salary payments

Bus manufacturer Ebusco has announced a delay in the payment of October salaries for its 230 employees. This decision comes as the publicly traded company grapples with severe financial instability following a period of canceled orders and significant delivery delays. The company's production lines have ground to a near-halt, with only three buses delivered during the third quarter and a total of nineteen for the entire year so far. Previously, management warned of substantial uncertainty regarding its continuity without an immediate infusion of capital.

To manage its critical situation, the company is actively pursuing cost-cutting measures, which include reducing its workforce. The number of full-time employees dropped from 248 at the end of June to 230 by late September. While the company expressed deep regret over the salary delay, it reported that ongoing discussions with shareholders concerning short-term operational expenses are progressing positively. Ebusco maintains that its primary focus remains ensuring the survival of the business for the benefit of its stakeholders.