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Rail News: Rail Industry Trends

RailAmerica claims STB's ParkSierra merger-agreement posting is premature


RailAmerica Inc. Oct. 12 announced that it hasn't yet reached a definitive merger agreement with ParkSierra Rail Group, contrary to statements included in an Sept. 18 Surface Transportation Board filing posted to the board's Web site Oct. 1.
RailAmerica officials currently are negotiating with ParkSierra's principals regarding a possible merger, under which RailAmerica would acquire all ParkSierra stock and merge the company's three short lines into RailAmerica's operations.
Until an agreement is reached or negotiations are abandoned, RailAmerica officials plan to make no further comments regarding the proposed transaction, according to a prepared statement.
ParkSierra officials couldn't be reached for comment.
ParkSierra owns and operates 297-mile Arizona & California Railroad Co., 255-mile California Northern Railroad Co. and 150-mile Puget Sound & Pacific Railroad Co.
RailAmerica owns and operates 39 regionals and short lines in the United States, Canada, Australia and Chile.

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More News from 10/15/2001