A group of investors from Fort Worth, Texas, who were trying to buy Consolidated Freightways out of bankruptcy and breathe life into the company have called it quits.
CF shut down on Labor Day last year and went into bankruptcy. Consolidated was one of the largest trucking companies in the country. And when it went out of business last fall after eight straight quarters in the red, it was the biggest trucking company ever to fail.
The Texas investor group confirmed late last week that it has dropped its bid to buy CF, according to the Akron Beacon Journal.
Problems with financial backing and knotty money problems, such as how to deal with huge pension fund liabilities, stymied the effort.
Meanwhile, CF's former customers have flocked to other trucking companies. And the failed company has started liquidating its terminals, selling nearly two dozen properties to date.
The investor group had planned to reopen many of the terminals and staff them about 50%. It had formed a new company, Rollin' International, to move freight.
"There's not much chance of anything working out at this point," said Frank Snell, the spokesman for the Texas group. "It's very much a disappointment," he told the Beacon Journal. "We thought very early on we had a workable situation, but there were too many twists and turns for us to cope with."
CF shut down on Labor Day last year and went into bankruptcy. Consolidated was one of the largest trucking companies in the country. And when it went out of business last fall after eight straight quarters in the red, it was the biggest trucking company ever to fail.
The Texas investor group confirmed late last week that it has dropped its bid to buy CF, according to the Akron Beacon Journal.
Problems with financial backing and knotty money problems, such as how to deal with huge pension fund liabilities, stymied the effort.
Meanwhile, CF's former customers have flocked to other trucking companies. And the failed company has started liquidating its terminals, selling nearly two dozen properties to date.
The investor group had planned to reopen many of the terminals and staff them about 50%. It had formed a new company, Rollin' International, to move freight.
"There's not much chance of anything working out at this point," said Frank Snell, the spokesman for the Texas group. "It's very much a disappointment," he told the Beacon Journal. "We thought very early on we had a workable situation, but there were too many twists and turns for us to cope with."
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