WASHINGTON (AP) -- The government monitor for Summit Global Logistics Inc.'s bankruptcy case wants a judge to appoint an examiner to look into details of company's plan to go private in a management-led buyout.Kelly Beaudin Stapleton, the U.S Trustee overseeing Summit's Chapter 11 case, is asking for a probe into the $56.5 million sale, saying "at first blush" it seems it will mainly benefit the logistic firm's management and the company's senior lender, Fortress Credit Corp., at the expense of other creditors.
In papers filed Tuesday in U.S. Bankruptcy Court in Newark, N.J., Stapleton, who acts as the federal government's "watchdog" in the bankruptcy case, said a probe is needed to ensure "the sale process has not been tainted in any way by self-dealing by those who have controlled the sale process."
Summit global, an East Rutherford, N.J.-based shipping firm, filed for bankruptcy late last month with a deal in hand to sell its business to an investment vehicle called TriDec Acquisition. TriDec is owned by a number of Summit insiders, including Chief Executive Robert Agresti.
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