Summit says court action allows it to continue normal operations

Summit says court action allows it to continue normal operations Summit Global Logistics Inc., an East Rutherford, N.J.-based third party logistics company, said a U.S. Bankruptcy Court has approved all the “first-day motions” that Summit submitted as part of its filings for reorganization under Chapter 11 of the U.S. Bankruptcy Code.
   Summit said these include interim financing from existing senior secured lenders, which will provide it with “immediate and sufficient liquidity to operate its business on an ongoing basis.”
   “We are pleased with the court’s prompt approval of our first-day motions, which will allow us to continue normal operations without interruption,” said Robert A. Agresti, president and chief executive officer, Summit Global Logistics. “Upon completion of the reorganization and sale process, we expect that Summit’s business will have a much stronger balance sheet and long-term competitive advantages that will benefit our customers and vendors alike.”
   Last week Summit announced a restructuring and agreement to be sold to TriDec Acquisition Co. Inc. under the bankruptcy code.