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Greatwide Logistics to complete sale, restructuring by end of January
By Caroline Salls
Pittsburgh, Nov. 25 - Greatwide Logistics Services expects to close the proposed sale of its assets and complete its financial restructuring by the end of January, according to a company news release.
The company obtained final court approval of its $73.6 million debtor-in-possession facility on Monday.
"Final court approval of our financing agreement is another important step forward in our sale process," Greatwide president and chief executive officer Raymond B. Greer said in the release.
"We have already made good progress, we have sufficient cash in place and we are confident that our financial restructuring and proposed sale is the best way to address our capital structure needs while avoiding disruptions to our operations and customer service.
"We are fortunate that we have a solid and profitable business model and can continue to serve our customers and provide the same outstanding service that they have come to expect from Greatwide.
"We are on track to close by the end of January."
As previously reported, the company has entered into an agreement to be acquired by an investor group comprised of its first-lien secured lenders, including affiliates of Centerbridge Capital Partners and the D. E. Shaw group.
Greatwide said the proposed sale will help the company to significantly reduce debt, enhance its competitiveness and financial strength and position it for continued growth and profitability.
The company said it will continue operating under the Greatwide name under new ownership.
Greatwide and Transport Industries LP, Dallas-based third-party providers of transportation services, filed for bankruptcy on Oct. 20 in the U.S. Bankruptcy Court for the District of Delaware. The companies' Chapter 11 case number is 08-12430.
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