Allied Systems Gets Green Light For $20M DIP Loan

Law360, Wilmington (July 12, 2012, 9:59 PM EDT) -- Car transporter Allied Systems Holdings Inc. won final approval Thursday for $20 million of debtor-in-possession loans in Delaware bankruptcy court after unsecured creditors wrested concessions from DIP lender and insider Yucaipa Cos. LLC.

Yucaipa — a private equity firm that holds a 70 percent stake in Allied and a majority of its secured debt — had been accused in an objection from the unsecured creditors committee of attempting to dominate the bankruptcy case for its own benefit through the DIP terms.

The private equity firm resolved...
To view the full article, register now.

Related

Sections

Case Information

Case Title

ASHINC Corporation


Case Number

1:12-bk-11564

Court

Delaware

Nature of Suit

Date Filed

May 17, 2012

Law Firms

Companies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.