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Tranz Rail seeks bids for commuter road Tranz Metro

Tranz Rail Holdings Ltd. plans to exit the commuter-rail business. On March 17, the company began accepting bids for Tranz Metro, a Wellington, New Zealand commuter-rail provider.

Tranz Rail contracted investment banker Cameron and Co. to handle the sale, which includes Wellington-to-Johnsonville, Wellington-to Paraparaumu, Wellington-to-Masterton and Petone-to-Melling commuter-rail lines.

However, Wellington Regional Council, which governs the Wellington area's passenger-rail service, is seeking a new operator.

So, Tranz Rail plans to work in conjunction with the council to "ensure our sale process is complementary to its process of securing a new operator," said Tranz Rail Chief Financial Officer Wayne Collins in a prepared statement. "It makes sense for us to coordinate our efforts [and] ensure that the new owner is the best operator for the Wellington rail passenger network."

Last year, Tranz Rail sold tourist road Tranz Scenic. By selling Tranz Metro, the company plans to concentrate on its core freight-rail business.

Contact Progressive Railroading editorial staff.

More News from 3/18/2003