CF to sell Canadian Freightways to management group
VANCOUVER, Wash. (March 10, 2003) — Bankrupt less-than-truckload carrier Consolidated Freightways said today it has agreed to sell its Canadian Freightways unit to a group of senior managers.
The group, called CF Canada Acquisition Ltd., will pay about $90 million US for Canadian Freightways, including debt. Final sale is subject to court approval.
Consolidated Freightways filed for bankruptcy on Sept. 3, 2002. At the time, it was North America’s third largest less-than-truckload carrier.
Canadian Freightways has operations in Canada and the United States. It is known primarily as an LTL carrier, but also operates truckload and parcel carriers, sufferance warehouses, a customs brokerage, international freight forwarding, and logistics management units. 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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