Consolidated Freightways Corp. said Thursday it has been advised by the Nasdaq Listing Qualifications Department that the company fails to comply with the stockholders equity requirements for continued listing on The Nasdaq Stock Market.

The listings department indicated that this issue, as well as the company's recent bankruptcy filing, would be considered at the company's delisting hearing on Sept. 20. The hearing was initially scheduled in connection with the company's failure to file its Form 10-Q in a timely fashion for the period ended June 30. The form has since been filed.
The company anticipates that after Nasdaq concludes its review, it will determine that the company has not adequately addressed these issues and the company's securities will be delisted.
The company said it does not anticipate creditor claims to be fully satisfied under its Chapter 11 proceedings, and that the company's stockholders will likely receive no value for their common stock.
On Sept. 4, the company's trading symbol was amended to "CFWEQ" to denote both the company's filing delinquency and the bankruptcy filing.


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