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.