Allied Holdings plans to emerge from bankruptcy this summer

By Caroline Salls

Pittsburgh, March 6 - Allied Holdings, Inc. plans to emerge from bankruptcy this summer, according to a company news release.

The company said it expects to supplement the disclosure statement for its plan of reorganization, which was filed Friday with the U.S. Bankruptcy Court for the Northern District of Georgia, with additional information on its business plan after additional steps are taken to continue to create value for Allied's stakeholders.

Also, Allied said it expects that a valuation analysis will be provided as a supplement to the disclosure statement.

As previously reported, the plan gives Allied the right to withdraw as a co-proponent of the plan if, in the exercise of its fiduciary duties, the company's board decides it is in the best interest of the company and all of its stakeholders to do so.

If Allied withdraws as a co-proponent of the plan, it will not maintain the exclusive right to file a plan of reorganization of the company.

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.

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