Creditors Say Greatwide Is Rushing Asset Sale

Law360, New York (November 14, 2008, 12:00 AM EST) -- Creditors of bankrupt transport service group GWLS Holdings Inc. have objected to the company's proposed procedures for selling its assets, saying that the company is planning to sell its assets to its first-lien lenders without seriously considering other bids.

In objections filed Tuesday in the U.S. Bankruptcy Court for the District of Delaware, an ad hoc group of second-lienholders and the official committee of unsecured creditors each said that GWLS, which includes Greatwide Logistics Services Inc., has not left enough time to market the company....
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