Jack Cooper's $135M Bid Wins Reopened Allied Ch. 11 Auction
By Matt Chiappardi
Law360, Wilmington (September 13, 2013, 8:49 PM EDT) -- Jack Cooper Holdings Corp. secured the winning bid to buy the bulk of bankrupt Allied Systems Holdings Inc. for $135 million, court documents filed Friday show, dealing a blow to the company’s private equity creditors that had previously been deemed winners before the auction was reopened this past week.
The deal must still be approved by the U.S. Bankruptcy Court for the District of Delaware, which is scheduled to consider the matter Tuesday. It is a nearly 29 percent premium on what had been the winning...