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Court Ruling Expected Soon to Clarify How Allied Bankruptcy Will Proceed

A U.S. Bankruptcy Court judge will issue a ruling soon which will clarify how the Allied Systems Holding bankruptcy case will proceed.

Allied’s second venture into bankruptcy is largely about who controls the company. Yucaipa asserts it is the “requisite” or “majority lender” in Allied’s capital structure. This is important because the majority lender has strong controls over a company, including in a bankruptcy proceeding.

Message to Carhaul Teamsters About Allied Bankruptcy Petitions

The following is a statement from the Teamsters National Automobile Transporters Industry Negotiating Committee (TNATINC) about the involuntary bankruptcy case involving Allied Systems Holdings Inc.:

The attempt to force Allied into involuntary bankruptcy was filed by two New York hedge funds. The Teamsters Union is monitoring the litigation, but is not directly involved. Allied did not file this action and will need to defend itself. This is a dispute between the companies.

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