Greatwide Logistics Servicesof Dallas has obtained bankruptcy court approval for the company's acquisition by an investor group.
The company expects to close the transaction within the next 30 days.

Upon completion of the transaction, Greatwide's current debt will be reduced by $478 million, or 77 percent. As previously announced, the transaction will significantly reduce Greatwide's debt burden, enhance its competitiveness and financial strength, and position the company for continued growth and profitability.

The buyers include affiliates of Centerbridge Partners and The D. E. Shaw Group.

"Many transport companies are struggling in today's historic economic downturn and must adjust to the new realities of today's market," said Raymond Greer, president and chief executive officer of Greatwide. "At Greatwide, we have taken very decisive action and expect to emerge from this process as one of the healthier companies in the industry."