Allied Holdings News

Allied Holdings, Lenders Agree To Amend DIP Loan
Mardi 11 juillet 2006 / 16h10

By Patrick Fitzgerald Of DOW JONES NEWSWIRES WASHINGTON -(Dow Jones)- Allied Holdings Inc. (AHI) said Tuesday in a regulatory filing that its bankruptcy lenders have agreed to waive the company's default under its debtor-in-possession loan.
Under the fifth amendment to its $230-million debtor-in-possession loan, Allied Holdings isn't in default and no longer has to pay higher default interest on the outstanding amounts under the loan.
The DIP lenders, led by General Electric Co.'s (GE) GE Capital Corp. and Morgan Stanley's (MS) Morgan Stanley Senior Funding Inc., had agreed to a series of forbearances in recent months after Allied Holdings failed to meet certain financial covenants under the DIP loan.
Morgan Stanley, as the agent, also agreed to provide an additional $30-million term loan to the auto hauler. Interest on the loan is the London interbank offered rate plus 9.5%, and the maturity date is June 30, 2007.
The lenders also cut the interest rate on Allied Holdings' $80-million Term B loan to Libor plus 8.5%, from Libor plus 9.5%.
Allied will pay Morgan Stanley a closing fee of $150,000 for the new $30-million DIP loan and $195,000 to its DIP lenders for amending its original loans.
The fifth amendment to the loan is subject to approval by the U.S. Bankruptcy Court in Newnan, Ga. The court has scheduled a hearing for Wednesday on Allied's request.
Allied Holdings, which has been in bankruptcy since last July, is currently negotiating with its unionized employees, represented by the Teamsters, on a package of wage and benefit cuts the company says it needs to survive.
Decatur, Ga.-based Allied Holdings and 23 subsidiaries filed for Chapter 11 bankruptcy protection last July 31, listing assets of $132 million and debts of $180 million.
The company, one of the largest transporters of vehicles in North America, blamed its falling revenue on a decline in deliveries due to automakers' scaled-back production.
-By Patrick Fitzgerald, Dow Jones Newswires; 202-862-3544; patrick.fitzgerald@dowjones.com

The Carhauler List

Pretty much just what it says: lists of companies, parts, numbers associated with the car hauling business. Jobs for owner operators.
Click here to check out the carhauler list

Found on Ebay

I wonder how many more of these we will see on Ebay in the coming months!

Vehicle Description

I am selling a 1998 Wally-Mo 6 car trailer/ car hauler for a friend of mine. This trailer is like new condition. My friend is getting out of the car hauling business and has no more use for this trailer. the top deck is 50 FT and has front and rear flip-outs. The total length with flip-outs is 54 ft. The lower deck is 42 1/2 ft with rear flip-outs for a total length of 43 1/2 ft. This trailer has stainless simulators on the wheels. The tire size is 9R 17.5 and the tires are about 60% tred left. This trailer has its own self contained hydrallic system. Just hook up your 12V connection and you are ready for the road. The trailer is located near Bismarck, ND and the contact and owner this trailer is Steve Tschider and he will answer all your questions at:

Cell: 701-220-7362

Home: 701-327-8252