The Teamsters Union will continue to closely monitor Allied’s financial restructuring efforts after the company announced on June 10 a new Chapter 11 bankruptcy filing to carry out a financial restructuring aimed at reducing its debt.
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.