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Reorganization sought under bankruptcy laws Floods final blow for Erie Lackawanna
Cleveland AP report says floods in New York State forced the Erie Lackawanna Railway Co to seek protection under bankruptcy laws. John Fishwick of Norfolk & Western called the move a result of cash loss and flood damage that halted revenues. The 12th largest U.S. railroad faces massive immediate cash needs with 70 000 daily New Jersey commuters and 120 miles of submerged track. Corporate reorganization aims to keep the company in existence while appointing trustees.
MENTIONED IN THIS ARTICLE
Erie Lackawanna
Cleveland, Ohio
New York State
Erie Lackawanna Railway Co
John Fishwick
Fishwick
Norfolk & Western Railway
Erie Lacka
U.S. District Court
Erie
Penn Central Railroad
New Jersey
Erie Railroad
Delaware, Lackawanna & Western
Eric Lackawanna
Gregory Maxwells
Robert Krupansky
Femais
Richard Jackson
New York City
New York
Eriesylvania
Ohio
Indiana
Apis
New
Dereco, Inc
Mexico City
York
Maxwell
N&w