GE Commercial Finance, Morgan Stanley, and Marathon Asset Management Provide Allied Holdings' With $230 Million of DIP Financing; GE Serves As Sole Administrative Agent For Revolver And Co-Lead Arranger For The Full Facility

NORWALK, Conn.--Aug. 3, 2005--GE Commercial Finance Corporate Lending, along with Morgan Stanley Senior Funding Inc. and Marathon Asset Management, announced today that it has provided a $230 million debtor-in-possession financing facility for Allied Holdings, Inc. in conjunction with its voluntary filing for reorganization under Chapter 11 of the U.S. Bankruptcy. The facility is structured as a $130MM revolving credit facility, $20MM term A loan and $80MM term B loan. GE'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 DIP financing to repay existing senior indebtedness and to continue to fund its operations during the restructuring process. Miller Buckfire & Co. acted as financial advisor on behalf of the company for this transaction, which closed August 1, 2005.

Allied Holdings, Inc. is the parent company of several subsidiaries engaged in providing distribution and transportation services of new and used vehicles to the automotive industry. The services of Allied's subsidiaries span the finished vehicle continuum, and include car-hauling, intramodal transport, inspection, accessorization and dealer prep. Allied, through its subsidiaries, is the leading company in North America specializing in the delivery of new and used vehicles.

"Our financing partners creativity, knowledge and aggressive determination to meet our specific financing needs gave us complete confidence in closing this transaction," said Thomas King, chief financial officer, Allied Holdings.

"GE Commercial Finance provided an aggressive and creative solution to Allied Holdings. Their ability to underwrite and commit to the DIP financing in short order made them a credible and valuable resource for our client," said Henry S. Miller, Managing Director and co-founder of Miller Buckfire & Co.

"Our Restructuring Finance team's determination and operational knowledge of the industry, coupled with our relationships with our lending partners, allowed us to design a financing solution that we felt was well suited for Allied's current position," said Ron Kubick, Senior Vice President, GE Commercial Finance, Restructuring Finance. "We are absolutely committed to the Restructuring Finance market and intend to continue serving as a reliable source of capital for companies with transitional business needs."

About GE Commercial Finance Corporate Lending

GE Commercial Finance Corporate Lending offers financing to clients from middle-market companies to large corporations. Products and services include asset-based financing, cash flow lending and corporate restructuring. Corporate Lending is a leading global provider of financing solutions for investment and non-investment grade companies - committed to supporting clients at all stages of the business cycle. For more information on the businesses and products of GE Commercial Finance Corporate Lending, please visit www.gelending.com.

About GE Commercial Finance

GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $230 billion and is headquartered in Stamford, Connecticut. GE is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.