VANCOUVER, B.C. — Consolidated Freightways Corporation has plans to sell the operations of Canadian Freightways and its subsidiaries at auction to the highest bidder on Aug. 25.
Canadian Freightways is financially and operationally independent from its parent company, and is not part of the September 2002 bankruptcy proceedings filed by Consolidated Freightways.
A potential buyer has signed an agreement to purchase the assets of Canadian Freightways and other Canadian assets owned by them, for US$90 million. This potential buyer’s offer is expressly subject to higher and better bids from competing bidders at the auction.
The bankruptcy court recently issued a bidding procedure order, which designates the potential buyer as the stalking horse bidder and states processes that an over-bidder must take to submit a competing offer. Interested bidders should contact Consolidated Freightways’ investment banker at 310-445-4010.
"We are pleased with the progress thus far in the sale of our Canadian franchise and with the now-established process which we believe will realize maximum value from this premium property," said John Brincko, CEO for Consolidated Freightways.
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