Deal for CF Canada expires as deadline passes

From: Transport Topics | Date: April 14, 2003| Author: | Copyright information

Bankrupt less-than-truckload carrier Consolidated Freightways pulled the plug last week on a deal to sell the assets of its Canadian subsidiary to CF Canada Acquisition Ltd. because the companies failed to reach a final agreement before time limits expired.

CF-CAL, a group of executives from Canadian Freightways Ltd. that was backed by an undisclosed financial partner, had planned to buy CF's Canadian unit for about $90 million in U.S. currency and signed a letter of intent with CF.

But CF spokesman Mike Brown told TRANSPORT TOPICS April 9 that the deal expired when the two sides failed to ...

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