UNITED STATES
               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549



                            FORM 8-K



                         CURRENT REPORT
        Pursuant to Section 13 or 15(d) of the Securities
                       Exchange Act of 1934

Date of Report (Date of earliest event reported):October 24, 2001


              CONSOLIDATED FREIGHTWAYS CORPORATION

                  Commission File Number  1-12149

              Incorporated in the State of Delaware
          I.R.S. Employer Identification No. 77-0425334

             16400 S.E. CF Way, Vancouver, WA 98683
                 Telephone Number (360) 448-4000




Item 5. Other Events

   On  October 24, 2001, the Company entered into a six-month,
$50  million revolving credit facility, secured by real property,
to  provide for working capital needs and other general corporate
purposes.    Borrowings  bear interest at LIBOR  plus  350  basis
points.  Of the $50 million, $25 million is available and will be
used   to  reduce  outstanding  borrowings  under  the  Company's
existing credit facility.  Of the availability created under  the
existing credit facility, $15 million will be used for letter  of
credit  needs  and  $10 million will be restricted  for  existing
credit  facility needs.  The remaining $25 million under the  new
facility  will  be  available  on or  after  November  30,  2001,
provided  the  Company  meets certain operational  and  financial
performance measures.  However, achievement of those measures  is
expected  to be difficult without improvement in the  market  for
trucking services.

   The credit agreement is filed as Exhibit 99.1 to this Form 8-K.

   This  Form  8-K  should  be read in  conjunction  with  the
Company's  other public filings with the Securities and  Exchange
Commission  including the Company's Form 10-Q for  the  quarterly
period ending June 30, 2001, as filed on August 14, 2001.


Item 7.  Financial Statement and Exhibits

      Exhibits

          99.1 Credit  Agreement  dated as of  October  24,  2001
               between  Consolidated Freightways Corporation,  as
               Borrower,    and    General    Electric    Capital
               Corporation,   as Lender.



                            SIGNATURE

Pursuant  to the requirements of the Securities Exchange  Act  of
1934, the Registrant has duly caused this report to be signed  on
its behalf by the undersigned hereunto duly authorized.

                         Consolidated Freightways Corporation
                         (registrant)



October 25, 2001              /s/Robert E. Wrightson
                                 Robert E. Wrightson
                                 Executive Vice President and
                                  Chief Financial Officer