Consolidated Freightways files for Chapter 11 bankruptcy protection

Wednesday, September 4th 2002, 12:00 am

By: News On 6

SEATTLE (AP) _ Consolidated Freightways, one of the nation's largest trucking companies, filed for Chapter 11 bankruptcy protection Tuesday, one day after announcing it was ceasing operations and letting its 15,500 workers go.

The 73-year-old Vancouver, Wash.-based firm also released its second-quarter earnings, which detail its dire circumstances. Consolidated lost $123.2 million on revenues of $482.4 million for the three months ending June 30.

Under Chapter 11 protection, Consolidated would sell its assets _ 27,000 trailers; 6,600 tractors; and most of its nearly 300 U.S. terminals _ to pay creditors.

Consolidated had revenue of $2.2 billion in 2001 and controlled about 15 percent of the domestic long-haul trucking market. It lost $104.3 million last year and $7.6 million in 2000.