A bankruptcy court has approved the sale of Greatwide Logistics Services, a Dallas non-asset-based transportation and third-party logistics provider, to an investor group.
Greatwide in October entered into a sale agreement with secured lenders, including affiliates of the private equity firms Centerbridge Partners and The D. E. Shaw Group.
When the deal closes, which is expected within the next 30 days, Greatwide’s current debt will be reduced by $478 million, or about 77 percent.
In addition to the debt reduction, the restructuring and sale will strengthen Greatwide’s capital structure and “enhance our flexibility to continue to invest and grow,” said Raymond B. Greer, president and chief executive.
Privately-held Greatwide has primary business lines in dedicated transport, truckload management, freight brokerage and distribution logistics.