Sale to Chessie to buy bankrupt rails approved in principle
The U S Railway Association says it has reached an in principle agreement to sell large portions of bankrupt Northeastern railroads to the Chessie System. The anticipated price is $115 million though exact property prices are not yet set. Congress would need to approve the deal.
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Washington
UPI
U.S. Railway Association
Northeastern
Chessie
Chessie, ConRail pact shifts major rail lines in east
A tentative agreement would place Chessie in control of the Erie Lackawanna lines from Wadsworth Ohio to Hoboken New Jersey and most Reading lines in eastern Pennsylvania, with Penn Central segments to Chessie and ConRail keeping portions. The plan envisions ConRail as a mix of Penn Central routes and rival Reading lines, while Norfolk and Western could lose competitiveness. Separately Cleveland’s Shaker Rapid Transit agrees in principle to merge with the Regional Transit Authority, potentially cutting Shaker fares from 75 to 35 cents if approved, with Euclid North Olmsted and Maple Heights also considering joining.
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RTA
Shaker Heights
Shaker
Euclid
North Olmsted
Maple Heights
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