Summit expects sale to management group in March
Summit Global Logistics Inc. said it expects to be sold next month to TriDec Acquisition Co. Inc., a company formed by certain founders of Summit’s operating companies and members of senior management.
Summit, which filed for protection under Chapter 11 of the Federal Bankruptcy Code last month, said it has reached an agreement in principle with its convertible note holders and with Fortress Credit Corp. on terms for the sale of the company’s assets to TriDec. According to the agreement, Fortress will provide financing for the acquisition. Fortress and the convertible note holders will also have a minority interest in the acquiring entity.
An auction is set for March 13 where Summit sell its assets to TriDec or another qualified bidder, if such bidder makes the highest and best offer for the assets.
“We are extremely pleased to have received bankruptcy court approval for procedures for the sale of Summit’s assets, and to have reached a consensual agreement in principle with our convertible note holders today as these represent positive steps forward for Summit,” said Robert A. Agresti, president and chief executive officer, Summit Global Logistics. “We appreciate the support we’ve received from our lenders, note holders and customers and remain committed to completing this process in a timely manner.”
Summit expects sale to management group in March