Bankrupt Consolidated Freightways to Issue Paychecks

By: Associated Press
By: Associated Press

Consolidated Freightways has received court permission to issue paychecks to its employees across the country for work performed before the trucking company's Chapter 11 bankruptcy protection filing.

The company says the payout will total about $44 million.

Consolidated Freightways owes money to more than 15,0000 employees nationwide, including employees in Richmond, Roanoke, Manassas and Waynesboro.

The company announced Monday it would cease operations and lay off thousands of employees ... and filed for bankruptcy protection Tuesday.

Under Chapter 11, the company will sell its assets, including tractor trailers and most of its terminal buildings, to pay creditors.

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