Rollin' International Inc., a holding company set up to buy bankrupt Consolidated Freightways Corp., (CF) dropped its $500 million bid to buy the company because it couldn't arrange financing, Rollin' president Frank Snell said.
|Trailers sit parked at a Consolidated Freightways terminal in Milford, CT.|
|Photo by Tim Parry.|
Problems with financial backing and complex money problems, such as how to deal with huge pension fund liabilities, stymied the effort. The Fort Worth, TX-based holding company's purchase attempt also was abandoned because of rising fuel costs and the ongoing sale of CF's assets, Snell said.
Rollin's reorganization plan called for an immediate re-start of business operations across 50 states, subject to approval by the bankruptcy court. The company anticipated the re-opening of some 101 major key terminals during its first year of operations.
CF spokesman Mike Brown told The Fort Worth Star-Telegram that the company had not received and substantial offers from Snell or Rollin'.
The operating company for Rollin's U.S. LTL activities was going to be known as CF Express. Rollin' had incorporated CF Transportation Services Inc. as CF Express's parent company.