DALLAS Coach America Holdings Inc., which filed for U.S. Bankruptcy Court protection and reorganization at the first of the year, has ousted its top executive and moved a senior vice president into his position.

Laura Hendricks has taken over as chief executive, replacing George Maney, who served in that position and as company president for more than three years.

Coach America said Chairman Mike Haley will serve as interim president, possibly until after the bankruptcy issues are settled.

Coach America, one of the largest charter and tour businesses in the country, filed for Chapter 11 reorganization in January after failing to restructure $400 million in debt.

The management shakeup is not expected to have any impact on the court proceedings and will not change the companys dual exit strategy of either a financial reorganization or the sale of its assets. The court already has approved a procedure in which the assets could be sold at auction.

The departure of Maney was not announced by the company and his name was not mentioned in a press release reporting Hendricks promotion.

However, company sources said his leaving was a decision mutually agreed to by the board and Maney, and was facilitated by a desire by the board to re-energize the business.

Coach America declined to provide details on the change other than to confirm that Maney had left the company.

Maney was named president and chief executive in November, 2008, after serving two years as its vice president and chief financial officer. Before joining Coach America, he was vice president of operations at Independent Stationers.

Hendricks has been the companys senior vice president for business development, overseeing strategic planning, sales and marketing.

"Laura Hendricks is a proven executive both within our company and the industry, and is the right person to lead Coach America through the financial reorganization process and into our next phase of growth," said Haley.

He said her combined skill set in operations, finance and management will serve the company well.

"As a senior leader, Laura has helped develop and deliver on Coach America's growth in prior years, and with an improved capital structure we are confident that our full potential will be realized under her leadership," he added.

Hendricks said the company for too long has been troubled by its heavy debt load, and the Chapter 11 filing was the best place to address the issue.

"But it is equally important we accelerate business momentum," she added. "My immediate focus will be to work closely with our employees and customers on winning new business, strengthening the relationships we currently enjoy and ensuring we maximize our considerable potential."

Meantime, Coach America reiterated it is working with its senior lending group on the terms of a possible reorganization plan that would recapitalize the company and position it to be competitive in the industry.

Additionally, it said it continues to work under bankruptcy court proceedings that allow it to try to attract an investment buyer and partner that could help assure the continuation of the company as a stronger, more competitive business.