Allied Holdings' plan of reorganization accepted by a majority of creditors

By Caroline Salls

Pittsburgh, May 9 - Allied Holdings, Inc.'s plan of reorganization was approved by a majority of voting creditors, according to a Tuesday filing with the U.S. Bankruptcy Court for the Northern District of Georgia.

Specifically, 81 holders, or 85.3% in number, of $139.98 million, or 95.5% in amount, of general unsecured claims voted to accept the plan, while 14 holders, or 14.7% in number, of $6.52 million, or 4.5% in amount, of these claims voted to reject it.

Also, 559 holders, or 83.2% in number, of $1.71 million, or 88.2% in amount, of cash-out claims voted to accept the plan, while 113 holders, or 16.8% in number, of $227,877, or 11.8% in amount, of these claims voted to reject it.

No votes were received from holders of insured claims and other insured claims.

Allied, a Decatur, Ga., distributor of new and used vehicles, filed for bankruptcy on Aug. 1, 2005. Its Chapter 11 case number is 05-12515.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.