TransForce Income Fund, Montreal, a Canadian transportation and logistics provider, announced it will purchase substantially all the assets of Canadian Freightways Limited

and certain of its subsidiaries. The purchase price is CDN $69.6 million plus assumption of loans and credit facilities of approximately CDN $15.0 million. The acquisition is expected to close before the end of this year.
The bid was accepted by Canadian Freightways' parent company, Consolidated Freightways Corporation, and was approved by the United States Bankruptcy Court in California on August 25, 2003. Court approval was necessary due to Consolidated Freightways Corporation being under Chapter 11 proceedings in the United States. Canadian Freightways itself is not under bankruptcy protection in the U.S. or in Canada.
Canadian Freightways is headquartered in Calgary, Alberta and its operations in Canada and the United States include less-than-truckload, truckload, sufferance warehouses, customs brokerage, international freight forwarding, fleet management and logistics management. The combined revenues of Canadian Freightways for its last fiscal year were approximately CDN$236 million.
TransForce says it intends to operate Canadian Freightways as an independent division and will retain its current management and staff of approximately 1,500 people.