Greatwide Completes Acquisition by Centerbridge Partners and Other Investors

Announces New Credit Facility
DALLAS--(Business Wire)--
Greatwide Logistics Services, a national provider of non-asset-based
transportation and third-party logistics services, today announced the
completion of the acquisition of Greatwide by affiliates of Centerbridge
Partners, a leading private investment firm, and other investors, including
affiliates of The D. E. Shaw Group.

Raymond B. Greer, President and Chief Executive Officer of Greatwide, said,
"With the successful completion of this transaction, Greatwide is now a
financially stronger company poised to meet the challenges of today`s
marketplace. We are now better positioned than ever to serve our customers and
to prudently pursue growth opportunities. The quick pace of the sales process is
a testament to our loyal employees, our dedicated customers and vendors and the
strong relationship we have with our new owners. We at Greatwide are energized
and excited about continuing our operations and growing under new ownership."

As part of the transaction, Leo Suggs will become Chairman of Greatwide. Mr.
Suggs, the former President of UPS Freight, has devoted almost 50 years of his
life to the trucking industry. He was the Chief Executive Officer of Overnite
Transportation and instrumental in taking the Company public in 2003 and selling
the Company to UPS in 2005.

Leo Suggs, Chairman of Greatwide, said, "I`m excited to be joining a world class
organization that has now combined the strong competitive advantages of the
Greatwide business model with the financial flexibility to thrive. With the
restructuring complete, I am eager to spend my time helping the Company
strengthen its already superior track record of customer service, safety and now
sustained profitability."

Will Manuel, Senior Managing Director of Centerbridge, said, "As long term
strategic equity investors we have for a long time sought a controlling equity
investment in Greatwide, a company we believe has tremendous prospects. With the
capital structure now successfully restructured, Greatwide has the resources
necessary to prosper, and we look forward to working with management as a
principal owner of Greatwide."

Greatwide also announced that it has entered into a $95 million credit facility
from Bank of America, Wachovia and PNC.

Greatwide was advised by Willkie Farr & Gallagher (legal counsel) and Miller
Buckfire (investment banker). Loughlin Meghji + Co. also served as a Greatwide
advisor.

Centerbridge was advised by Latham & Watkins (legal counsel) and Centerbridge
and other investors were advised by Houlihan Lokey (investment banker).

About Greatwide Logistics Services

Founded in Dallas, Texas in 2000, Greatwide Logistics Services is a privately
held, $1 billion third-party logistics services company. The company is ranked
No. 22 on the Commercial Carrier Journal 250 and No. 24 on the Traffic World Top
100 lists. The company has four primary lines of business: dedicated transport,
truckload management, freight brokerage and distribution logistics. Greatwide is
one of the nation`s leading non-asset-based logistics providers of
transportation, third-party logistics, warehouse/distribution and freight
brokerage solutions. For more information, visit www.greatwide.com.

About Centerbridge

Centerbridge Partners was established in 2006 and currently has approximately
$7.2 billion in capital under management across two funds. The firm is dedicated
to partnering with world class management teams to invest across multiple stages
of a Company`s life cycle and to employ various strategies to help companies
achieve their operating and financial objectives. Centerbridge`s limited
partners include many of the world`s most prominent financial institutions,
university endowments, pension funds, and charitable trusts.

Greatwide Logistics Services
Dick Metzler, 972-682-2250

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