GWLS, Creditors Reach $1.5M Agreement

Law360, New York (May 11, 2009, 12:00 AM EDT) -- The bankruptcy judge overseeing the Chapter 11 proceedings of transport service group GWLS Holdings Inc. has approved an agreement to give unsecured creditors at least $1.5 million in the sale of the debtors' assets to Transportation 100 LLC, a deal that originally would have provided the creditors with almost nothing.

In an order signed Friday in the U.S. Bankruptcy Court for the District of Delaware, Judge Peter J. Walsh approved a stipulation between the debtors, the official committee of unsecured creditors and certain first-lien lenders to...
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