SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(RULE 13d-101)
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 2)*
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a) AND
AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)
Allied Holdings, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
019223106
(CUSIP Number)
Kathryn Sanders, Esq.
O'Melveny & Myers LLP
400 South Hope Street
Los Angeles, CA 90071
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
March 27, 2007
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box. [X]
NOTE: Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Rule
13d-7(b) for other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
CUSIP NO. 019223106 13D
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1 NAMES OF REPORTING PERSONS:
Sopris Partners, Series A of Sopris Capital Partners, LP
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
37-1520276
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [ ]
(b) [X]
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3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
OO
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)
[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
0
--------------------------------------------------------------------------------
8. SHARED VOTING POWER
400,295
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9 SOLE DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
400,295
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
400,295
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS)
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.5%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN
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2
CUSIP NO. 019223106 13D
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1 NAMES OF REPORTING PERSONS:
Sopris Capital, LLC
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
20-3978493
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
OO
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)
[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
0
--------------------------------------------------------------------------------
8. SHARED VOTING POWER
400,295
--------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
400,295
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
400,295
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS)
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.5%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO
--------------------------------------------------------------------------------
3
CUSIP NO. 019223106 13D
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1 NAMES OF REPORTING PERSONS:
Aspen Advisors LLC
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
13-4118717
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
OO
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)
[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
0
--------------------------------------------------------------------------------
8. SHARED VOTING POWER
244,800
--------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
244,800
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
244,800
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS)
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.7%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO, IA
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4
CUSIP NO. 019223106 13D
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1 NAMES OF REPORTING PERSONS:
Sopris Capital Advisors, LLC
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
20-3177754
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
OO
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)
[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
0
--------------------------------------------------------------------------------
8. SHARED VOTING POWER
645,095
--------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
645,095
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
645,095
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS)
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.2%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO, IA
--------------------------------------------------------------------------------
5
CUSIP NO. 019223106 13D
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1 NAMES OF REPORTING PERSONS:
Nikos Hecht
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
N/A
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) [ ]
(b) [X]
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
OO
--------------------------------------------------------------------------------
5 CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) or 2(e)
[ ]
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH:
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
0
--------------------------------------------------------------------------------
8. SHARED VOTING POWER
889,895
--------------------------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
889,895
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
889,895
--------------------------------------------------------------------------------
12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS)
[ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.9%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
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6
CUSIP NO. 019223106 13D
The Statement on Schedule 13D dated March 14, 2007 filed by Sopris Partners,
Series A of Sopris Capital Partners, L.P., Sopris Capital, LLC, Aspen Advisors
LLC, Sopris Capital Advisors, LLC and Nikos Hecht with respect to the Common
Stock (the Common Stock) of Allied Holdings, Inc., a Delaware corporation (the
Company), as amended by Amendment No. 1 dated March 20, 2007, is hereby further
amended with respect to the items set forth below. Capitalized terms used
without definition in this Schedule 13D (Amendment No. 2) have the meanings set
forth in the Reporting Persons Schedule 13D, as originally filed or the Modified
Sopris Plan Term Sheet (as defined below), as the case may be.
Item 4. Purpose of Transaction
The information set forth under this item is hereby amended to include, at the
end of the last paragraph contained therein, the following:
On March 21, 2007, a document was posted on the Teamsters.org Web site
titled TDU Backs Hugh Sawyer/Rutland Family Over Yucaipa Proposal (the Leaflet).
This Leaflet purports to provide a comparison of the terms in the Yucaipa and
Sopris plans. The Leaflet contains a series of false and misleading statements.
Attached hereto as Exhibit 7.03 is a summary of some of the major
misrepresentations in the Leaflet along with the relevant facts to correct the
false and misleading statements.
On March 27, 2007, Sopris Advisors delivered a letter to the Executive
Chairman of the Board of Directors of the Company. Attached to the letter is a
modified plan of reorganization term sheet (the Modified Sopris Plan Term
Sheet), improving the terms of the Sopris Plan submitted on March 14, 2007. The
following highlights several of the key enhancements contained in the Modified
Sopris Plan Term Sheet:
o The Modified Plan Term Sheet reduces the leverage on the Reorganized
Debtors by $100 million over the prior term sheets. Holders of Class 4A
Allowed Note Claims will receive their pro rata portion of $100 million
of New Preferred Stock in exchange for their claims. The amount of New
Notes issued will be reduced by $100 million, and will be limited to
only that amount required to the extend the Allowed Class 4A Note
Claims are not satisfied in full by distribution of the New Preferred
Stock.
o The new capital structure will provide for the option (by the Company)
of zero cash interest on any new debt for at least two years,
potentially longer. The terms of the Sopris exit financing facility and
the Sopris Delayed Term Loan now include a provision to allow the
Reorganized Debtors to elect to pay interest in-kind for up to three
years from the Effective Date at the sole option of the Reorganized
Debtors. In addition, the terms of the New Notes provide for, at
minimum, a two year interest free period, and an option for the Company
to pay interest in-kind for up to the life of the New Notes (seven
years from the Effective Date), unless certain financial ratios are
achieved. This provision ensures that the Reorganized Debtors are only
obligated to pay cash interest on the New Notes when they are
financially in a position to do so. In addition, the terms of the
7
Sopris exit financing, facility have been modified to match the
weighted average cost of the Debtors proposed exit financing facility
with Goldman Sachs.
o The Modified Sopris Plan Term Sheet provides a $5 million per year
improvement over the Yucaipa Plan Term Sheet for the International
Brotherhood of Teamsters. The Modified Sopris Plan Term Sheet proposed
a modified collective bargaining agreement in which wage concessions
will be $30 million per year for the next three years rather than the
$35 million per year that Yucaipa proposes - a total improvement of $15
million.
A full copy of this letter is included herein as Exhibit 7.04.
Item 7. Material to be Filed as Exhibits
Exhibit 7.03 Summary of major misrepresentations in the Leaflet
posted on the Teamsters.org Web site.
Exhibit 7.04 Letter dated March 27, 2007 from Sopris Capital
Advisors LLC to Robert Rutland, Executive Chairman of
the Board of Directors.
8
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information in this statement is true, complete and correct.
Dated: March 28, 2007
SOPRIS PARTNERS, SERIES A of
SOPRIS CAPITAL PARTNERS, L.P.
By: SOPRIS CAPITAL, LLC
Its general partner
By: /s/ NIKOS HECHT
-------------------------------------
Name: Nikos Hecht
Title: Sole Member of the Managing
Member
SOPRIS CAPITAL, LLC
By: /s/ NIKOS HECHT
-------------------------------------
Name: Nikos Hecht
Title: Sole Member of the Managing
Member
ASPEN ADVISORS LLC
By: /s/ NIKOS HECHT
-------------------------------------
Name: Nikos Hecht
Title: Managing Member
SOPRIS CAPITAL ADVISORS, LLC
By: /s/ NIKOS HECHT
-------------------------------------
Name: Nikos Hecht
Title: Managing Member
/s/ NIKOS HECHT
-----------------------------------------
Nikos Hecht