VANCOUVER, Wash. (April 9, 2003) — Consolidated Freightways Corp. said today it has halted the sale of its Canadian operations.
Consolidated Freightways, which filed for Chapter 11 bankruptcy protection in September, agreed last month to sell its Canadian Freightways unit to a group led by senior managers for about $90 million US.
A Consolidated Freightways spokesman told Dow Jones Newswires that the two parties didn’t meet the April 1 deadline to enter a firm agreement.
Based in Calgary, Canadian Freightways is known primarily as a less-than-truckload carrier, but also operates truckload and parcel units, sufferance warehouses, a customs brokerage, international freight forwarding, and logistics management businesses. The subsidiary is financially and operationally independent from CF and is not part of the bankruptcy proceedings filed by its parent company.
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