October 21, 2008 9:15 AM, EDT

Greatwide Logistics to be Acquired by Investor Group

Lenders to Provide $73.6 Million in Initial Financing

Greatwide Logistics Services, a provider of non-asset-based transportation and third-party logistics services, said it will be acquired by a private investor group.

The group includes affiliates of Centerbridge Capital Partners and the D.E. Shaw group, Greatwide said in a statement late Monday.

To implement the deal , Greatwide will sell the company under Section 363 of the U.S. Bankruptcy Code. Some lenders will provide $73.6 million in new “debtor in possession” financing to support the business through the 363 sale process.

Other parties will have an opportunity to submit higher and better offers to purchase the company, and Greatwide said it anticipates the sale to be completed early next year.

Greatwide said the deal will allow it to complete its financial restructuring expeditiously while providing an efficient way to address its capital structure needs with no disruption to its operations or customer service.

Greatwide Logistics Services is ranked No. 23 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.