The Allied Systems Holdings bankruptcy case continues to slowly move through the courts with two companies—Yucaipa and Black Diamond—continuing their legal fight to determine who has the controlling position as the case proceeds.
Oral argument was held on Monday, November 19 in New York State Court on Black Diamond’s lawsuit against Yucaipa, and in particular Black Diamond’s motion for summary judgment requesting an order giving judgment to Black Diamond without the need for any discovery. Read more.
A hearing is scheduled Tuesday, November 13 where the Bankruptcy Court Judge will hear the parties’ positions on whether the Bankruptcy Court should be the court to decide the majority lender and related issues. Read the update.
The Teamsters Union will continue to closely monitor Allied’s financial restructuring efforts after the company announced on June 10 a new Chapter 11 bankruptcy filing to carry out a financial restructuring aimed at reducing its debt.