Central Columbiana & Pennsylvania declares Chapter 11

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Central Columbiana & Pennsylvania declares Chapter 11
Posted by Anonymous on Tuesday, June 22, 2004 3:07 PM
Railroad Co. declares bankruptcy

By BRIAN DiTULLIO, Review Staff Writer


EAST LIVERPOOL - A railroad company contracted through the Columbiana County Port Authority has declared bankruptcy.

Port Authority CEO Tracy Drake informed the media that the Central Columbiana-Pennsylvania Railroad, based out of Arkansas, declared bankruptcy earlier in the week.

According to Drake, the Federal Railroad Administration will appoint a trustee to operate the day-to-day functions of the company until it is determined if the parent company can resume control, or if another company will be brought in to operate the railroad.

"We want to see the railroad operate," said Drake.

No representative of the Columbiana-Pennsylvania Railroad was available for comment.

Drake said this change could be a good thing for the Port Authority as federal law requires the railroad continue operating. However, they now will have to pay cash as they go for everything and no longer will have to be subsidized by the Port Authority.

The continuing payment will allow the Port Authority to pay off approximately $3.5 million in loans taken out to acquire, repair and operate the railroad.

"Basically, we want service to continue on this line, and that is what's going to happen," said Drake.
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Posted by Anonymous on Tuesday, June 22, 2004 3:12 PM
So is the Port Authority taking over the railroad?

Or is someone like Rail America gonna come sweeping in?
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Posted by mudchicken on Tuesday, June 22, 2004 5:20 PM
Go to the Surface Transportation Board (www.stb.dot.gov) get in the search engine looking at Filings, also Decisions & Notices and type in "Railroad Ventures" and read the whole scary story of the former Youngstown & Southern RR.....CQPA's story is better than any soap opera...

RailAmerica won't play "White Night" here, maybe an IronHorse Resources......The Arkansas Short Line Railroad Company (ASLR)is also the Dardanville & Russellville RR(DR), Ouichita RR (OUCH), Arkansas Motive Power Services (AMPS), Arkansas Railroad Contractors (ARC) and Russellville Railcar Repair (RRR) .... What happened to the Robbins family that ran this? Is it just CQPA or all of ASLR?
Mudchicken Nothing is worth taking the risk of losing a life over. Come home tonight in the same condition that you left home this morning in. Safety begins with ME.... cinscocom-west
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Posted by Anonymous on Tuesday, June 22, 2004 5:38 PM
Goes to show just how the BIGGER railroads are causing the little ones to go.
Like it or not......THIS IS ONLY THE BEGINNING.
[bow]BNSF[bow]
  • Member since
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  • From: Defiance Ohio
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Posted by JoeKoh on Tuesday, June 22, 2004 5:42 PM
Just glad they can try to keep trains running
stay safe
Joe

Deshler Ohio-crossroads of the B&O Matt eats your fries.YUM! Clinton st viaduct undefeated against too tall trucks!!!(voted to be called the "Clinton St. can opener").

 

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