Last week, Railpower Technologies Corp. and R.J. Corman Railroad Group L.L.C. reached an agreement under which R.J. Corman will acquire most of Railpower’s assets and its U.S. subsidiary. The deal doesn’t include cash on hand and on deposit in financial institutions, land and property located in St-Jean-sur-Richelieu, Quebec, and two road switchers.
Closing, which is contingent upon court approval in both Canada and the United States, is expected to occur no later than May 20. Railpower is operating under court protection through Canada’s Companies’ Creditors Arrangement Act.
R.J. Corman has agreed to sell certain assets to a group of Railpower managers, who plan to form a wholly owned corporation named Management Newco. The assets include RTG crane technology and royalty free license to use intellectual property rights in any hybrid applications.
R.J. Corman and Management Newco plan to hire about 75 percent of Railpower’s current workforce. R.J. Corman also plans to continue advancing Railpower’s Gen-Set locomotive technology.
- Chuck Hinrichs
Hardin Southern – We noted Hardin Southern’s SBT Abandon Notice. FYI Our first 2 of 38 Ashland Tank Cars have arrived at Madisonville terminal.
- John Licht, West Bluegrass Terminal RR
Madisonville’s West Bluegrass Terminal Gets Busy!
Short report from John Licht, manager of the terminal:
We are becoming a “Home Shop” for the Ashland Inc. rail car fleet. The cars were trans-loaded, cleaned and are being stored.
We are planning to expand “inspection, cleaning and maintenance” services for private owned rail cars as part of our terminal services.
We have received visits from several potential rail fleet owners recently
Loading ...