DECATUR, Ga., May 30 /PRNewswire-FirstCall/ -- Allied Systems Holdings, Inc., formerly Allied Holdings, Inc., announced today that, effective as of May 29, 2007, it has emerged from bankruptcy. The Company has substantially consummated the transactions contemplated by its Second Amended Joint Plan of Reorganization that was filed by Allied together with Yucaipa American Alliance Fund I, LP, Yucaipa American Alliance (Parallel) Fund I, LP and the Teamsters National Automobile Transportation Industry Negotiating Committee, on behalf of the International Brotherhood of Teamsters. The joint plan was confirmed by the U.S. Bankruptcy Court for the Northern District of Georgia on May 18, 2007. As part of the joint plan, Allied Holdings, Inc. was merged with and into its subsidiary, Allied Systems Holdings, Inc., a Delaware corporation, with Allied Systems Holdings, Inc. as the surviving corporation.
As previously announced by Allied and as required by the joint plan of reorganization, Allied's pre-plan common stock (which had traded on The Pink Sheets under the symbol AHIZQ.PK) was cancelled and holders of the pre-plan common stock will not receive a distribution of any kind under the joint plan. Allied will issue new shares of common stock in payment of certain bankruptcy claims, however it is not anticipated that these new shares will be listed for trading on any market system or over the counter.
About Allied
Allied Systems Holdings, Inc. is the parent company of several subsidiaries engaged in providing distribution and transportation services of new and used vehicles to the automotive industry. The services of Allied's subsidiaries span the finished vehicle continuum, and include car-hauling, intramodal transport, inspection, accessorization and dealer prep. Allied, through its subsidiaries, is the leading company in North America specializing in the delivery of new and used vehicles.
For additional information about Allied, please visit our website at www.alliedholdings.com.