$90M offered for Canadian Freightways

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RIVERSIDE, Calif. — Consolidated Freightways, which filed for bankruptcy in Sept. 2002, has been offered CAD $90 million for Canadian Freightways.

The company nevertheless intends to auction it off to the highest bidder.

This latest bid comes from investors led by an unnamed Canadian capital management company and includes the assumption of liabilities. The Canadian unit is financially and operationally independent from the parent company.

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