New investors take control of Greatwide

New investors take control of Greatwide Greatwide Logistics Services said last weekend it has completed its sale to Centerbridge Partners and other private investors through the bankruptcy process.
   The non-asset-based trucking and logistics company filed for bankruptcy protection in mid-October after its primary debt holders forced out private owner Investcorp. The financial restructuring was designed to reduce the company's debt and interest burden, while keeping operations in place without disruption.
   Centerbridge and another hedge fund, D.J. Shaw, loaned Greatwide $73.6 million to get it through the transition period.

Related News •   Greatwide Logistics to be sold through bankruptcy process

      As part of the transaction, Leo Suggs was named chairman of Greatwide. Suggs is the former president of UPS Freight and before that chairman and chief executive officer of less-than-truckload carrier Overnite Transportation, which was acquired by UPS.
   Greatwide generates more than $1 billion in sales from its dedicated truckload carriage, truckload management, freight brokerage and distribution businesses.
   'With the capital structure now successfully restructured, Greatwide has the resources necessary to prosper, and we look forward to working with management as a principal owner of Greatwide,' said Will Manuel, senior managing director of Centerbridge, in a statement.
   Greatwide also said it has entered into a $95 million credit facility from three major banks.