Allied Reopens Ch. 11 Auction Amid $135M Rival Bid

Law360, New York (September 10, 2013, 2:07 PM EDT) -- A Delaware bankruptcy judge on Monday greenlighted Allied Systems Holdings Inc.'s reopening of its Chapter 11 auction after a rival bidder upped its offer for the automotive transporter to $135 million, potentially delivering a blow to the two private equity firms that initially won the auction.

The decision comes less than one month after Allied tapped two PE firms, Black Diamond Capital Partners LLC and Spectrum Investment Partners LP, as the victors in its asset sale, with a bid of $105 million. But rival Jack Cooper...
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