A group of investors is proposing to buy Consolidated Freightways Corp. out of bankruptcy and return the company's trucks to the road by Nov. 1, according to the Fort Worth (TX) Star-Telegram.
Rollin' International, a company created solely to make the purchase, has offered a reported $500 million for the 73-year-old trucking company, including its airfreight division.
Frank Snell, a company spokesman, declined to identify the investors behind Rollin' International but said two businesspeople from Dallas and Fort Worth represent about 40 percent of the group, with the rest coming from investors elsewhere in the United States and Mexico.
"We believe that the company, properly managed, will be a profitable company," Snell told the newspaper. "Our objective is to get operations back, get trucks on the road in some form or fashion by Nov. 1."
Consolidated filed for bankruptcy protection in September and fired the bulk of its 15,500 workers. It has 350 terminals and 30,000 trucks throughout North America.
Snell intended to make a pitch Wednesday to Consolidated's creditors, who will eventually make a recommendation to the court overseeing the company's bankruptcy.