Allied Holdings Extends Forbearance On DIP

Law360, New York (April 5, 2006, 12:00 AM EDT) -- After failing to meet certain loan covenants under its $230 million debtor-in-possession loan facility, car transporter Allied Holdings Inc. has won bankruptcy court approval to extend the terms of its forbearance agreement with DIP lenders until April 18.

The lenders, including GE Capital Corp., Marathon Structured Finance Fund LP and Morgan Stanley Senior Funding Inc., agreed to forbearance last month after Allied did not meet its target revenue, according to Richard Herzog, counsel to Allied’s unsecured creditors committee at Nelson Mullins Riley & Scarborough LLP in...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.