Word: conrail
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Dates: during 1980-1989
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...Government bought itself a lot of headaches during the 1970s when it created Conrail, the freight rail system in the East, and Amtrak, the national passenger railroad. At the time, the entire rail business was chugging toward the scrap pile. More than a decade of refurbishing and streamlining, however, has given railroading a shiny new look. Amtrak and Conrail, stoked by $18 billion in subsidies, have rebuilt their equipment and images...
...faces what may be an even tougher task than running a railroad: getting out of the business. In an effort to uncouple itself from Conrail and Amtrak, the Reagan Administration is causing a commotion among the country's railroads and many of the people who use them...
...Nixon Administration rejected a company plea for $200 million in loan guarantees. Bankruptcy, however, turned out to be only an intermediate stop. To keep the railroad running, the following year Washington provided up to $125 million in guarantees and later absorbed the company's rail operations into Conrail, the Government-run railroad. Now a diversified manufacturer (1983 sales: $2.5 billion) with operations ranging from energy exploration to the production of missile systems-but not the railroad business-the reorganized Penn Central earned $19.7 million last year...
...railroad for sale? It may sound like a game of Monopoly, but the Department of Transportation last week was taking bids for the Consolidated Rail Corp. Created in 1976 from the Penn Central and five other bankrupt railroads, Conrail required a $7 billion federal transfusion through 1982. Under the stewardship of Chairman L. Stanley Crane, Conrail earned a profit in 1983 of $313 million. When DOT tried to peddle Conrail to 20 firms last spring, the only offer came from the company's employees, who already own 15% of the road. But last week 14 bidders stepped forward...
...bids ranged from $7.6 billion from First Allied, a group of investors led by Malcolm I. Glazer, to $1 from Tippecanoe Warehousing, a storage and transportation firm that wants to use Conrail in a complex tax deal. Hotelier J.W. Marriott Jr. and Guilford Transportation Industries, owned by Timothy Mellon of the Pittsburgh Mellon family, also made proposals. Transportation Secretary Elizabeth Dole will select the winning bid, possibly later this summer, after discussions with Congress and Goldman, Sachs, DOT'S financial adviser...