An agreement by the bankrupt Consolidated Freightways to sell its Canadian Freightways subsidiary to a management team and other investors was terminated by Consolidated last month. The agreement was withdrawn only a month after the deal was struck.
Consolidated Freightways, once one of the largest less-than-truckload companies in the United States, closed its doors and declared bankruptcy last fall. But its Canadian Freightways operation is not part of the bankruptcy proceedings and continues to operate.
In announcing that Consolidated was pulling out of the agreement, John Brinko, the company's CEO , said that the company was investigating other investment opportunities for the Canadian operations.
Canadian Freightways, whose operations include less-than-truckload, full load and parcel transport ation; warehousing; customs brokerage; international freight forwarding; fleet management; and logistics management, says its operations are profitable.