TransForce to bid for Canadian Freightways
MONTREAL (Aug. 18, 2003) — Canada’s largest trucking operation said Friday it will bid for Canadian Freightways at auction next week.
TransForce Income Fund, whose subsidiaries include TST Overland Express, Canpar, and Cabano Kingsway, said it wants to buy “substantially all the assets” of the Calgary-based company, which is being auctioned off as part of the liquidation of its owner, Consolidated Freightways of Vancouver, Wash.
CF went bankrupt and abruptly closed last September. The Canadian unit, however, never ceased operations and has operated profitably, according to CF.
CF has said it has a $90-million offer for Canadian Freightways but is required by U.S. bankruptcy law to open the sale to the highest bidder. The auction is scheduled for Aug. 25.
If its bid is successful, TransForce said it will operate Canadian Freightways as an independent division with current management and staff of approximately 1,500.
A group led by Canadian Freightways management tried unsuccessfully to acquire the company earlier this year.
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