Yucaipa Loses Bid For Greater Control Of Allied's Debt

Law360, New York (November 19, 2012, 5:52 PM EST) -- A New York state judge on Monday blocked an attempt by billionaire Ron Burkle's private equity firm, the Yucaipa Cos. LLC, to usurp Allied Systems Holdings Inc.'s other first-lien creditors, a hotly contested issue in the car hauler's bankruptcy.

Judge Charles E. Ramos said during a hearing that Yucaipa could not make changes to a credit agreement governing $265 million of Allied Systems' secured debt that would make Yucaipa the "requisite lender," a role that would allow it to force through changes to the credit agreement...
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