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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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