Creditors, Teamsters Blast Allied's $105M Asset Sale

Law360, New York (September 5, 2013, 6:27 PM EDT) -- The unsecured creditors of Allied Systems Holdings Inc. and a key union on Wednesday objected to the bankrupt car hauler's proposed $105 million sale to a pair of private equity firms, saying the deal was structured as a way to liquidate the company rather than keep its assets operating.

In separate objections filed in Delaware bankruptcy court, both Allied's unsecured creditors and the Teamsters National Automobile Transporters Industry Negotiating Committee, a body representing 31 local unions that have collective bargaining agreements with the company, said the...
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