Allied Systems Ch. 11 Plan OK’d After Years of Contention
Atlanta partner Jeff Kelley and associate Matt Brooks were mentioned in a December 7 Law360 article about Allied Systems’ years-long and bitterly contested bankruptcy coming to a swift end with a Chapter 11 confirmation on December 7 in a Delaware federal court.
A successor to Allied Systems Holdings Inc. and its lenders worked out a last minute compromise with retirees who had fought the debtor’s attempt to drop or curb medical and death benefits. As a reorganized company, Allied will own some real estate and accounts receivables, along with rights to recover excess collateral in the workers’ compensation programs of Georgia and Kentucky, net loss carry-forwards and the equity of Haul Insurance Ltd., a Cayman Island captive insurance company.
Jeff and Matt have represented Allied for multiple years in its complicated bankruptcy proceedings. Additionally, Jeff Cavender, Ezra Cohen and Ben Carlsen have worked extensively on the case over the years with Jeff and Matt.