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RailWorks plans private, post-bankruptcy life


After spending a year restructuring under Chapter 11 of the U.S. Bankruptcy Code, RailWorks Corp. emerged Nov. 13, six weeks after a Baltimore bankruptcy court blessed the company's reorganization plan.

The provider of construction, maintenance and material solutions for the freight and passenger rail industries will operate as a privately held company.

"RailWorks is well positioned to grow and prosper, thanks to solid financial backing, new leadership, a better-aligned organization, and a dedicated workforce," said Ab Rees, chairman and chief executive officer, in a prepared statement.

Added President and Chief Operating Officer Jim Kimsey: "We're ready to demonstrate our value to our customers in the rail and rail-transit industries."

Founded in 1998, RailWorks recently integrated its subsidiaries into two divisions — Transit Systems and Track Products & Services — that provide an array of products and services for the U.S. and Canadian freight and passenger rail industries.

Contact Progressive Railroading editorial staff.

More News from 11/14/2002