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Rail News Home M&A

9/15/2003



Rail News: M&A

R.J. Corman to acquire CSXT's 'Old Road' Kentucky line




On Sept. 12, R.J. Corman Railroad Co. L.L.C. filed an exemption notice with Surface Transportation Board to acquire a 100-mile line from CSX Transportation between Anchorage (near Louisville) and Winchester, Ky.

Known as the "Old Road," the line includes the Bloomfield and Chilesburg branches, and spur and yard tracks in Lexington and Frankfort.

Under a purchase agreement, R.J. Corman Equipment Co. L.L.C. (RJCE) would acquire the line's track and associated materials from CSXT, and lease the underlying real estate for 15 years; CSXT would retain restricted overhead trackage rights between Winchester and Lexington for unit coal-train moves.

R.J. Corman Railroad would establish new subsidiary Central Kentucky Lines to lease and operate the line after RJCE and CSXT finalize the transaction, which both parties expect to happen on or about Sept. 30.

R.J. Corman Railroad owns and operates 11 short lines in Kentucky, Tennessee, Ohio, New York and Pennsylvania.



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