Enterprise software provider Allen Systems Group, Inc. filed for chapter 11 protection today to implement a balance sheet restructuring agreed to by most of its top-ranking lenders, Dow Jones Daily Bankruptcy Review reported. Supporters of the company's plan to cut its debt by $420 million include Franklin Square Capital Partners , GSO Capital Partners LP , KKR Credit Advisors (US) LLC, Cetus Capital II, LLC and Ellis Lake Capital, LLC, the company said. The bankruptcy filing followed a series of missed interest payments in 2014 by the company, which owes $327 million on senior loans, and $340 million on bond debt.
