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Surface Transportation Board

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Brett Rekola

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May 13, 1997, 3:00:00 AM5/13/97
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Looking for information on STB processes for Conrail merger.

Abby Caplan

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May 14, 1997, 3:00:00 AM5/14/97
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On May 13, Brett Rekola <rek...@ma.ultranet.com> wrote:
>Looking for information on STB processes for Conrail merger.

Here are some recent happenings on the Conrail front:

STB Schedule:
Though debate is less heated than it was in the recent BN-SF
and UP-SP mergers, many parties are still asking the STB to
take its time in deciding whether and how CSX and NS will acquire
Conrail. NS and CSX have requested that the original 365-day
schedule be abridged to 255 days due to what they portray as
minimal opposition or controversy surrounding the acquisition.
A variety of individuals, DOT, Canadian National Railway, labor
unions and shippers? coalitions disagree. In most cases, shippers
concede that having 120 days to file comments on the case is
sufficient, but they worry that the STB wouldn't be allowed enough
time to fully weigh the Conrail deal. Not surprisingly, labor unions
want more time, since employee downsizing is a way of life on the
merger scene. Likewise, CN has campaigned for months to have
the STB grant it concessions in New York.

STB Asks For Comment On Related Construction Projects
NS and CSX filed petitions asking STB to waive requirements on
seven Conrail acquisition-related construction projects. These waivers,
if granted, would let the railroads begin construction on these projects
before the primary acquisition application is approved or disapproved.
As a result, the Board seeks comments on this topic. CSX asks for the
construction of connections at Willow Creek, IN, Greenwich, OH, and
Sidney, OH. NS ask for the construction of connections at Alexandria, IN,
Colsan/Bucyrus, OH, and Sidney, IL.

Not STB info, but Conrail-related:
NS Debt Downgraded By S&P, Moody?s:
Citing increased competition and the expense of the Conrail
acquisition, Moody?s Investors Service and Standard & Poor?s last
week downgraded NS and its subsidiaries. Both rating houses kept
the debt at investment grade and were generally bullish on the
railroad?s prospects to benefit from the acquisition in the long run.

Abby Caplan
Rail Business

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