CF puts three Ontario facilities for auction

TORONTO, (Nov. 14, 2003) — Bankrupted U.S. trucking carrier Consolidated Freightways has announced plans to auction off its three remaining Ontario distribution facilities, as part of what’s being described as the largest real estate sell-off in transportation history.

CF, which has been liquidating remaining assets since filing for bankruptcy and shutting down operations last year, is selling 220 total properties with an appraised value over $400 million, individually for sale to the highest bidder, through an open auction scheduled for November 20, 2003. The company’s Barrie, Kitchener and Thorold, Ont. facilities, will be part of the sell off.

The Barrie property is a 5-door cross-dock distribution facility situated on 2.48 acres. A reserve auction starting price of $275,000 CDN has been established. The Kitchener terminal is a 10-door facility located at 58 Hanson Avenue. It sits on 2.68 acres and has a contract price of $300,000. CF’s 5-door Thorold terminal is at 2140 Allanport Road and is situated on six acres. A contract price of $130,000 has been established.

Interested parties who would like to participate in the bankruptcy auction should submit the form Request to be Designated a Qualified Bidder at Auction. That form can be found at www.cfterminals.com/Overbidder.html and must be submitted prior to the date of the auction. The indicated deposit must also be received, via wire or certified check, prior to the date of the auction.

This past August, CF sold its independently-operated Canadian division, Canadian Freightways, to TransForce — Canada’s largest trucking company — for CDN $69.6 million plus assumption of loans and credit facilities.