Court Approves Consolidated Freightways' Request to Pay Employees.Business Editors VANCOUVER, Wash.--(BUSINESS WIRE)--Sept. 5, 2002 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. Corp. (Nasdaq:CFWYEQ) reported today that it received 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. approval to pay pre-petition wages to all its employees. Payroll checks will be processed beginning this afternoon and mailed over the next few days to employees' homes. "We are gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. to have received the Court's approval to satisfy this obligation. Checks will be mailed as quickly as possible and these payroll checks will be honored," said John Brincko, who joined the company as CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. three months ago. Consolidated Freightways filed for protection under Chapter 11 of the Bankruptcy Code and plans an orderly liquidation of its business. Its CF AirFreight air·freight n. 1. A system of transporting freight by air. 2. The amount charged for transporting freight by air. air , Canadian Freightways Ltd. and Grupo Consolidated Freightways, S.A. de RL subsidiaries are continuing to operate as usual. Additional information about the company's Chapter 11 filings can be obtained online at www.cacb.uscourts.gov. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion