A noncarrier has filed a verified notice of exemption to acquire a roughly 11-mile rail line in Conshohocken, Pennsylvania, from Cleveland-Cliffs Railways Inc., which does business as the Upper Merion & Plymouth Railroad.
According to the verified notice, 900 Conshohocken Rail LLC is a new, noncarrier subsidiary of MLP Ventures, LLC, formed to acquire the line. According to the verified notice, Conshohocken Rail and CCRI have reached an agreement under which Conshohocken Rail will acquire the line and provide rail service as needed, either directly or through a service provider under contract.
Records indicate that the transaction will be undertaken in connection with MLP’s acquisition of the property of an idled steel plate finishing facility owned by Cleveland-Cliffs Plate LLC, an affiliate of CCRI. Conshohocken Rail said that the proposed acquisition does not involve an interchange commitment.
Conshohocken Rail expects to become a Class III carrier upon consummation of the deal. However, it said that its projected annual revenues from this transaction are not expected to exceed $5 million and that the proposed transaction will not result in Conshohocken Rail becoming a Class I or Class II rail carrier.
The earliest this transaction may be consummated is July 12, the effective date of the exemption and 30 days after the verified notice was filed.
The Line does not have assigned mileposts.
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