Greatwide Gets $73M In DIP From 1st-Lien Lenders

Law360, New York (October 23, 2008, 12:00 AM EDT) -- Having filed for Chapter 11 earlier in the week, Dallas-based transport service group GWLS Holdings Inc. and its subsidiaries have already received $73.6 million in debtor-in-possession financing from their first-lien lenders, which have agreed to acquire the company.

U.S. Bankruptcy Judge Peter Walsh of the District of Delaware approved the motion for financing on Wednesday. GWLS, which includes subsidiary Greatwide Logistics Services Inc., filed its bankruptcy petition Monday along with 50 affiliated debtors who filed a motion to consolidate the case.

Shortly after the filing, the...
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