LRC, as co-counsel with Schulte Roth & Zabel LLP, represented Black Diamond CLO 2005-1 Ltd., BDCM Opportunity Fund II, LP and Spectrum Investment Partners, L.P. (collectively, “Petitioning Creditors”) in the proceeding against ASHINC Corporation (f/k/a) Allied Systems Holdings, Inc. and certain of its subsidiaries (“Allied”) in the Bankruptcy Court for the District of Delaware. Allied is in the “car-haul” business, transporting light vehicles throughout the United States and Canada. The Petitioning Creditors have been successful in several litigations with Yucaipa American Alliance Fund I, L.P. and Yucaipa American Alliance (Parallel) Fund I, L.P. “Yucaipa”, including the determination that the Petitioning Creditors are the requisite lenders under the applicable loan documents. This determination enabled Allied to proceed with a successful auction of its assets. LRC continues to assist the Petitioning Creditors in formulating a strategy to allow Allied to emerge from bankruptcy and advise them with respect to complex litigation with Yucaipa.
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