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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) November 27, 2000
(November 23, 2000) -----------------
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ATLANTIC EXPRESS TRANSPORTATION CORP.
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(Exact name of Registrant as specified in charter)
NEW YORK 0-24247 13-3923467
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(State or other jurisdic- (Commission (IRS Employer
tion of incorporation) File Number) Identification No.)
7 North Street, Staten Island, New York 10302
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (718) 442-7000
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Item 5. OTHER EVENTS
On November 23, 2000, Atlantic Express Transportation Corp. commenced
(i) an offer to purchase up to $30,000,000 aggregate principal amount of its
outstanding 10 3/4% Senior Secured Notes due 2004 for $1,000 in cash per $1,000
face amount of the Notes, plus interest at per annum rate of 10 3/4% from and
including August 21, 2000 and (ii) solicitation of the consent of the holders of
the majority of the principal amount of the Notes to proposed amendments to the
Indenture governing the Notes.
The offer to purchase the Notes and the consent solicitation are made
in connection with a proposal by Atlantic Express's parent, Atlantic Express
Transportation Group Inc., to contribute all of the outstanding stock of
Atlantic Transit, Corp. and an additional $10 million in equity to Atlantic
Express. Following the contribution by the parent, Atlantic Transit, Corp. and
its subsidiaries will become guarantors of the Notes and all of their capital
stock will be pledged as security for the Notes. Additionally, Atlantic Express
proposes to terminate its existing $30 million revolving credit facility with
Congress Financial Corporation and replace it with a new $125 million revolving
credit facility.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) EXHIBITS
99.1 Press release of Atlantic Express Transportation
Corp. dated November 23, 2000
99.2 Offer to Purchase and Consent Solicitation
Statement
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
ATLANTIC EXPRESS TRANSPORTATION CORP.
November 27, 2000 By: \s\ Nathan Schlenker
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Nathan Schlenker, CFO
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