Consolidated Freightways to liquidate

| Friday, September 06, 2002

Consolidated Freightways reportedly will try to sell its fleet of trucks and the of terminals it operates around the country. The trucking company surprisingly ceased operations on Labor Day, canning 15,500 workers. The Vancouver, WA-based company, which filed for bankruptcy protection Sept. 3, doesn't plan to resume operations and will liquidate assets to pay creditors.

Kevin Toon, a Consolidated spokesman, told Chicago's Daily Southtown newspaper the company has no intention of once again hitting the road after pruning some of its operations while in bankruptcy. Toon said the company plans to sell its fleet of 27,000 trailers, 6,600 tractors and about 300 U.S. terminals.

The nation's third-largest less-than-truckload carrier had been steadily losing money and had been trying to borrow money from other sources. It also was exploring a sale of the company before opting to close its doors.

Operations of the company's CF AirFreight and Canadian Freightways Ltd. units are continuing normally, and their employees will keep their jobs, the company said.

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