Dec 3, 2008 9:50 AM
Greatwide Logistics Services, a national provider of non-asset-based transportation and third-party logistics services, has obtained final approval of its $73.6 million financing facility. The company previously received interim approval October 22, 2008.
The financing, coupled with the cash generated from Greatwide’s daily operations, is more than adequate to meet the daily operating needs of the business and provides additional operational and financial stability as Greatwide proceeds with its financial restructuring and proposed sale.
Greatwide expects the proposed sale, once approved by the court, will help it to significantly reduce debt, enhance its competitiveness and financial strength, and position it for continued growth and profitability. The company anticipates completing its financial restructuring process and closing the transaction by the end of January, approximately 100 days from the date of filing. Greatwide will continue operating under the Greatwide name under new ownership.
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