GE Providing Financing to Allied Holdings

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E Commercial Finance Corporate Lending said Wednesday it has provided a $230 million in debtor financing to Allied Holdings, following Allied’s filing for Chapter 11 bankruptcy.

Allied, the parent company of trucking units that provide distribution and transportation services of new and used vehicles to the automotive industry, said Monday it had filed for bankruptcy. (Click here for previous coverage.)

GE said it was providing the financing along with Morgan Stanley Senior Funding and Marathon Asset Management.

The financing is structured as a $130 million revolving credit facility, a $20 million “Term A” loan and an $80 million “Term B” loan, GE said. The company’s restructuring finance team is serving as sole administrative agent and collateral agent for the revolving credit facility portion of the financing.

Allied Holdings will use the financing to repay existing senior indebtedness and to continue to fund its operations during the restructuring process, GE said in a statement.

Allied is ranked No. 25 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.