Transportation Industry
Consolidated Freightways Corp. plans to auction 23 terminals
Transport Topics, May, 2003 by Wlazlowski, Tiffany
Bankrupt less-than-truckload carrier Consolidated Freightways said it would auction 23 terminals May 21 as part of its liquidation of assets to repay debt.
As of May 5, trucking and transportation-related companies had placed initial bids on each of the properties, and CF said it expects the auction will generate about $32.9 million, according to its Web site.
The appraisal values ranged from $105,000 for an eight-door terminal on two acres in Hattiesburg, Miss., to $14 million for a 164-door terminal on 77 acres in Sacramento, Calif.
CF has sold 59 terminals out of about 220 in recent months for about $162.6 million, according to company spokesman Mike Brown.
The company said it aims to raise more than $400 million through such sales to pay off a...
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