Friday, January 23, 2009

Greatwide Logistics To Be Acquired by DE Shaw, Centerbridge

In a recent press release, insolvent trucking company Greatwide Logistics, announced that it was "sold" to an investor group consisting of DE Shaw and Centerbridge. While no cash changed hands, the two Hedge Funds have agreed to a debt for equity swap: the company's total debt would be reduced by 77% from $620 million to $140 million.

Surprisingly, company advisor Miller Buckfire was unable to get Ron Burkle's Yucaipa to invest in the deal: the Clintons' favorite financial advisor had previously invested in bankrupt Allied Holdings and PTS, although after both of those promptly went back to insolvent status, it seems the supermarket magnate has had enough and is focusing on Barnes and Noble. It is to be seen if Greatwide can avoid the same fate. Centerbridge has already been burned once in the auto space when it invested in Dana Holdings in 2007, another Miller Buckfire special. Sphere: Related Content
Print this post


Anonymous said...

Truck me once, shame on you.
Truck me twice, shame on me.