Performance Transportation's bid procedures for asset sale nixed by judge; Allied Systems withdraws offer

By Reshmi Basu

New York, Dec. 5 - A federal judge declined to approve Performance Transportation Services, Inc.'s bid procedures for the proposed $67 million sale of substantially all of its assets, according to a company spokesperson.

In addition, stalking horse bidder Allied Systems Holdings, Inc. has withdrawn its letter of content, the source said Wednesday.

The company will submit new bid procedures with the U.S. Bankruptcy Court for the Western District of New York following more marketing.

Performance Transportation Services is a Detroit-based transporter of new automobiles, sport utility vehicles and light trucks. Its Chapter 11 case number is 07-04746.

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