Bankruptcy court approves sale of Summit to management group

Summit Global Logistics Inc. said a U.S. Bankruptcy Court in Newark, N.J., on Wednesday approved the sale of the company's assets and certain of Summit's subsidiaries to TriDec Acquisition Co. Inc., a company formed by certain founders of Summit's operating companies and members of senior management.

The logistics company filed for protection under Chapter 11 of the Federal Bankruptcy Code in January.

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