Summit Global extends asset sale bid deadline, postpones auction, sale hearing

By Caroline Salls

Pittsburgh, March 3 - Summit Global Logistics Inc. has extended the bidding deadline, auction and sale hearing for the proposed sale of substantially all of its assets, according to a Monday filing with the U.S. Bankruptcy Court for the District of New Jersey.

Specifically, the bid deadline has been extended to noon ET on March 18 from March 11, the auction was postponed to March 19 from March 13, and the sale hearing will now be held March 20, instead of March 18.

As previously reported, TriDec Acquisition Co. Inc. is the stalking horse bidder, having agreed to pay $56.5 million plus liabilities for the company and its TUG USA and FMI International operating subsidiaries.

Based in Kenilworth, N.J., Summit provides supply chain management services in the United States, Asia, Russia, 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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