Allied Fiber LLC has been engaged in a long running dispute with its senior secured lender. After exhaustive efforts and numerous offers that the company believed would have resulted in the full payment of all of the lender’s principle and interest, for reasons unknown to the company, a settlement was unable to be reached.
On April 20th, 2016, the senior secured lender purportedly exercised voting rights in the Allied Fiber LLC subsidiary companies (AF Southeast LLC, AF Florida LLC and AF Georgia LLC) and allegedly replaced the members of the subsidiaries, appointed a chief restructuring officer, and then caused the subsidiaries – not including Allied Fiber LLC – to file for a Chapter 11 bankruptcy proceeding in Delaware.
Apparently there will now be a court-supervised sale of the subsidiaries to the highest bidder which may include a marketing period that may be approximately 90-days. Any interested bidders may want to contact the court for further information and should not rely upon anything in this post.
Apparently the next hearing in the case is scheduled for May 13th. If you are interested in bidding in the future, you may want to attend that hearing either in person or by phone in the event that the sale process is discussed, as I understand there are several parties who have expressed an interest in bidding.
