Wednesday, June 13, 2012

Allied Systems Holdings Files for Bankruptcy Protection - Truckinginfo.com

Allied Systems Holdings Files for Bankruptcy Protection - Truckinginfo.com

Here is another article.  Says they're going to keep paying people.

Allied Bankruptcy

Yucaipa car hauler Allied Systems files Chapter 11 | Reuters
* Allied had faced involuntary Chapter 11 by lenders

* Yucaipa has 63 percent Allied stake -- filing

* Falling revenue, litigation led to restructuring

By Jonathan Stempel

June 11 (Reuters) - Allied Systems Holdings Inc, which hauls cars and trucks to dealers from manufacturers and is majority-owned by private equity firm Yucaipa Cos, put itself into bankruptcy protection, less than one month after facing an involuntary Chapter 11 petition from creditors.

The Atlanta-based company and 18 subsidiaries, including its Canadian units, sought protection late Sunday night in the U.S. bankruptcy court in Delaware, citing its worsening financial condition as well as litigation by unpaid lenders.