Short Line/Regional – Page 13

STB Sets CORP Sale Price

November 20, 2008 Railfanning.org News Wire

WASHINGTON — The Surface Transportation Board announced it has established $16.6 million as the purchase price of the Central Oregon & Pacific Railroad Inc.’s (CORP) 111-mile railroad line, running from Danebo to Cordes, Ore. In a prior decision, the Board had ordered CORP to sell the line to the Oregon International Port of Coos Bay. The Board-established figure is approximately $2.9 million less than the $19.5 million that the Port testified it had available for the Line’s purchase. The Port must decide by Dec. 1 whether to accept the terms of sale established by the Board’s decision. If the Port

DM&E Joins CP Holiday Train in a Decade of Giving

November 10, 2008 Railfanning.org News Wire

MINNEAPOLIS — Food banks in more than 100 North American communities will be front and center when Canadian Pacific’s tenth annual Holiday Train gets underway. A brightly decorated CP train will collect food and money for local food banks, raise awareness in the fight against hunger and, help communities across CP’s newly expanded network celebrate the holiday season. “The Holiday Train is North America’s largest rolling fundraiser and a cherished tradition for our employees and the communities where we operate,” said CP President and CEO Fred Green. “We’re especially pleased to welcome employees and communities throughout our newly acquired DM&E

STB: CORP Must Sell Line

October 31, 2008 Railfanning.org News Wire

WASHINGTON – The Surface Transportation Board has ordered the Central Oregon & Pacific Railroad Inc. (CORP) to sell a 111-mile railroad line running from Danebo, Ore., to Cordes, Ore., to The Oregon International Port of Coos Bay. In a separate decision, the Board granted CORP authority to abandon a 94-mile segment of the Line in the event that a sale of the Line is not completed. In reaching its decision, the STB found that the Line meets the five “public convenience and necessity” criteria for a forced sale under the “feeder line” provision of the agency’s statute enabling shippers and

DM&E Railroad Sees Management Change

October 7, 2008 Railfanning.org News Wire

CALGARY — Richard Hamlin, Trustee for CP’s acquisition of the DM&E announced some changes to DM&E’s senior management team, which come shortly after CP said it is buying the regional railroad. Effective immediately, Kevin Schieffer, President and CEO, has left the company to pursue other opportunities. Ed Terbell, Chief Operating Officer, and Kurt Feaster, Chief Financial Officer, will manage the day to day operations of the railway while the DM&E remains in trust. “Messrs. Feaster and Terbell and the management team have been strong performers in managing the DM&E, and its subsidiaries: Iowa, Chicago & Eastern Railroad and Cedar American

Genesee & Wyoming Completes Acquisition of Ohio Central Railroad System

October 1, 2008 Railfanning.org News Wire

GREENWICH, Conn. — Genesee & Wyoming Inc. has completed its acquisition of 10 short line railroads known as the Ohio Central Railroad System (OCR) for $234.3 million in cash, subject to adjustment for final working capital. The cash purchase price includes $7.5 million of contingent consideration that GWI has placed into escrow, which will be paid to the seller upon satisfaction of certain conditions. OCR has more than 170 employees, operates over 445 miles of track and owns 64 locomotives. The railroads handle approximately 140,000 annual carloads, primarily in the coal, steel and solid waste industries. GWI financed the cash

Genesee & Wyoming Acquires Georgia Southwestern Railroad

October 1, 2008 Railfanning.org News Wire

GREENWICH, Conn. — Genesee & Wyoming Inc. has acquired the Georgia Southwestern Railroad, Inc. for cash consideration of approximately $16.5 million and the assumption of $5.4 million in debt, subject to adjustment for final working capital. Headquartered in Dawson, Ga., the Georgia Southwestern operates over 220 miles of track between White Oak, Ala., and Smithville, Ga.; Cuthbert, Ga., and Bainbridge, Ga. and in and around Columbus, Ga. The Georgia Southwestern connects to GWI’s Chattahoochee Industrial Railroad in Saffold, Ga., via trackage rights. The Georgia Southwestern has 20 employees and 10 locomotives and carries approximately 10,000 carloads per year, primarily serving

STB Approves CP’s DM&E Purchase

September 30, 2008 Railfanning.org News Wire

WASHINGTON — The Surface Transportation Board approved Canadian Pacific Railway Limited’s plan to buy the Dakota, Minnesota & Eastern Railroad Corporation and its subsidiaries: Iowa, Chicago & Eastern Railroad and Cedar American Rail Holdings. The official effective date of the final decision is Oct. 30. “The DM&E is an excellent fit for Canadian Pacific making this a strategic end-to-end addition to our network,” said Fred Green, President and Chief Executive Officer of CP. “This is also a positive development for CP, DM&E and IC&E customers. CP customers will have direct single line access to the Midwest US markets and the

House Approves Rail Safety Bill; Billions to go to Passenger Rail

September 27, 2008 Railfanning.org News Wire

WASHINGTON — The House of Representatives has approved legislation that proponents say will improve the Nation’s intercity passenger rail system and the safety of the nation’s railroads. The Rail Safety Improvement Act of 2008 and the Passenger Rail Investment and Improvement Act of 2008 will increase funding for Amtrak over the next five years, require new safety controls on trains that help reduce crashes, allow states to regulate solid waste processing facilities along rail lines and allocate funding for improvements to Washington’s Metro transit system. The legislation sets “an aggressive deadline” of 2015 for implementation of positive train control (PTC)

Hurricane Ike Causes Rail Freight Downturn

September 27, 2008 Railfanning.org News Wire

WASHINGTON — Freight traffic on U.S. railroads was off sharply during the week ended September 20 in comparison with the same week last year, the Association of American Railroads (AAR) reported. Much of the decline can be attributed to disruptions caused by Hurricane Ike which struck the Gulf Coast Sept. 13. Total volume was estimated at 32.8 billion ton-miles, down 6.8 percent from the comparable week last year. Carload freight in the week totaled 312,662 cars, off 7.8 percent from last year. Volume was down 10.4 percent in the West and 4.3 percent in the East. Intermodal volume, which is

G&W: Ike Not Expected to Impact Q3 Financial Results

September 25, 2008 Railfanning.org News Wire

GREENWICH, Conn. — Genesee & Wyoming Inc. said that Hurricane Ike is not expected to have a material impact on its financial results in the third quarter of 2008. GWI’s subsidiary, Galveston Railroad, provides rail service at the Port of Galveston, which was directly struck by Hurricane Ike. Galveston Railroad’s equipment and property did not sustain significant damage from the hurricane. However, local and port-related rail service is expected to remain suspended into the fourth quarter of 2008. The suspension is not expected to have a material impact on GWI’s financial results. — Edited from PRNewswire-FirstCall