Canadian Freightways Sold at Auction to TransForce; Operations Will Continue Under Current Management.Business Editors VANCOUVER, Wash.--(BUSINESS WIRE)--Aug. 27, 2003 Consolidated Freightways Consolidated Freight was the 3rd biggest trucking company in the US. In the 1930s they started their own truck manufacturing operation, Freightliner, now part of DaimlerChrysler. Corporation (CF) announced that it has received approval through bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. to sell the operations of Canadian Freightways and its subsidiaries (CFL CFL Canadian Football League ) to TransForce Income Fund for $69.6 million (Canadian). When combined with substantially all of CFL-related liabilities, which TransForce is assuming, the value of the sale is approximately $100 million (U.S.). On Monday, the sale of substantially all of the assets of Canadian Freightways was conducted in an open auction among competing parties. Bidding began at the contract price and TransForce was the winning participant. The sale is expected to be completed by the end of the year. TransForce operates leading transportation and logistics companies in Canada and intends to operate Canadian Freightways as an independent division, retaining current management and staff. John Brincko, CF's chief executive officer said: "We are very pleased with the overall value achieved for our Canadian assets. Our goals were to realize maximum value and to ensure that CFL will continue operations as one of Canada's premier transportation companies. With Transforce's backing, we believe CFL's future is secure and that it will continue delivering the transportation services and customer satisfaction for which it is known." CFL is financially and operationally independent from its parent company, CF, and is not part of the September 2002 bankruptcy proceedings bankruptcy proceedings n. the bankruptcy procedure is: a) filing a petition (voluntary or involuntary) to declare a debtor person or business bankrupt, or, under Chapter 11 or 13, to allow reorganization or refinancing under a plan to meet the debts of the party filed by CF. CFL's traditional high-quality customer service and profitable operations have continued throughout this time period. CFL is an industry-leading supply chain services company, specializing in time-sensitive and expedited services. Operations in Canada and the United States The United States and Canada share a unique legal relationship. U.S. law looks northward with a mixture of optimism and cooperation, viewing Canada as an integral part of U.S. economic and environmental policy. include less-than-truckload (LTL LTL - Linear Temporal Logic ) and full load (TL) transportation, sufferance warehouses, customs brokerage, international freight forwarding, fleet management and logistics management Logistics Management is that part of Supply Chain Management that plans, implements, and controls the efficient, effective, forward, and reverse flow and storage of goods, services, and related information between the point of origin and the point of consumption in order to meet . |
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