Daily News: July 16, 2012

Court Grants Final Approval of Allied Systems DIP Financing

Allied Systems Holdings Inc. has received final approval of its $20 million debtor-in-possession (DIP) financing from U.S. Judge Christopher Sontchi in the U.S. Bankruptcy Court for the District of Delaware.

The approval comes after unsecured creditors settled matters with Yucaipa Cos., Allied’s DIP lender and a private equity firm that holds a 70% stake in the company.

The financing is being provided by Yucaipa American Alliance Fund II as DIP agent and Yucaipa American Alliance Fund II and Yucaipa American Alliance (Parallel) Fund II as lenders.

Previously, Judge Sontchi granted interim approval for the company to access $10 million of the financing.

To view Allied Systems’ court document approving the DIP financing, click here.

Previously on abfjournal.com:

Allied Systems Holdings Wins Interim Court Approval of DIP Loan, Friday, June 15, 2012