Summit examiner to investigate asset sale process, report due March 14

By Caroline Salls

Pittsburgh, Feb. 19 - Summit Global Logistics, Inc.'s U.S. Trustee was ordered to appoint an examiner to determine whether the company's sale process is fair and designed to maximize the value of its assets, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of New Jersey.

U.S. Trustee Kelly Beaudin Stapleton asked the court for permission to appoint an examiner on Feb. 8, arguing that the acquiring members of Summit's senior management and its senior lender would be the primary beneficiaries of the asset sale.

Stapleton said in the motion that the investigation should cover whether the assets were sufficiently marketed and whether current management, the board of directors and professionals acted properly in conducting the sale process.

In addition, Stapleton said the examiner should investigate whether fair value is being received under the proposed asset sale.

The examiner's report is due March 14, according to Tuesday's order.

Based in Kenilworth, N.J., Summit provides supply chain management services in the United States, Asia, Russia the Commonwealth of Independent States, the Eastern Mediterranean, the Middle East and India. The company filed for bankruptcy on Jan. 30. Its Chapter 11 case number is 08-11566.

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