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Rail News: Rail Industry Trends

ABC-NACO set to sell majority of operating assets


ABC-NACO Inc. Dec. 7 agreed to sell most of its operating assets to TCF Railco Acquisition Corp. (TCF) for $75 million.
The transaction — subject to a Dec. 11 Illinois bankruptcy court hearing and Hart-Scott-Rodino Antitrust Improvements Act review — would include all operating assets of ABC-NACO's U.S. rail and track products, and rail services units (excluding Canadian and Mexican rail-product subsidiaries), plus the company's stock in European subsidiaries and Chinese joint ventures.
ABC-NACO hopes to close the transaction quickly to ensure a smooth ownership transition and help stabilize the company's finances, said President and Chief Executive Officer Vaughn Makary in a prepared statement.
TCF is owned by Three Cities Funds III L.P. and affiliates, which specialize in making controlled investments in medium-sized companies.
Lombard. Ill.-based ABC-NACO in October filed to reorganize under Chapter 11 in U.S. Bankruptcy Court for the Northern District of Illinois.