CF Pays Employees, Gets Bankruptcy Financing
Paychecks should be on the way to employees of the bankrupt trucking operation Consolidated Freightways
Paychecks should be on the way to employees of the bankrupt trucking operation Consolidated Freightways.
Late last week, the U.S. Bankruptcy Court approved a plan for CF to pay its more than 15,000 employees for work performed before the carrier closed its doors on Labor Day.
$44 million will be distributed, while about 2,700 employees will remain with the company while it handles the bankruptcy proceedings
CF also received court approval to obtain $225 million in financing as it reopens certain terminals and brings back some drivers and terminal employees to help move customer shipments remaining in the system.
About $40 million of the financing will be used so the company can liquidate its assets.
The company still continues to operate its CF AirFreight and Canadian Freightways subsidiaries, which have been unaffected by the bankruptcy filing.
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