Bankrupt Allied Gets Nod For $135M Asset Sale To Rival Firm

Law360, Wilmington (September 17, 2013, 6:50 PM EDT) -- A Delaware bankruptcy judge gave car carrier Allied Systems Holdings Inc. the green light Tuesday to sell most of its assets to an industry rival for $135 million, a deal reached last week when Jack Cooper Holdings Corp. topped a pair of private equity firms at a reopened auction.

Approval of the sale caps a tumultuous 15-month-old bankruptcy that saw Black Diamond Capital Partners LLC and Spectrum Investment Partners LP lose out at auction after prevailing over fellow PE Yucaipa Cos. LLC in a prolonged fight...
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