[Federal Register Volume 60, Number 13 (Friday, January 20, 1995)]
[Notices]
[Page 4192]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-1527]
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INTERSTATE COMMERCE COMMISSION
[Finance Docket No. 32649]
Southern Pacific Transportation Company--Corporate Family
Transaction Exemption--The Denver and Rio Grande Western Railroad
Company
Southern Pacific Transportation Company (SPT) and The Denver Rio
Grande Railroad Company (DRGW)1 common carriers by railroad, have
jointly filed a notice of exemption to exempt a transaction whereby (1)
SPT will purchase DRGW's right-of-way, together with adjoining property
and improvements, between DRGW milepost 160.8 at or near Canon City,
CO, and DRGW milepost 628.8 at or near Utah Railway Junction, UT; and
(2) SPT will purchase DRGW's right-of-way, together with adjoining
property and improvements, between DRGW milepost 4.8 at or near C&S
Junction, CO, and DRGW milepost 128.8 at or near Orestod, CO, and
between DRGW milepost 128.8 and DRGW milepost 231.7 at or near Craig,
CO.2
\1\ DRGW is within SPT's consolidated group of companies.
\2\ DRGW is retaining an easement for rail operations in which
DRGW will continue to provide freight rail service over the
properties being transferred to SPT. Under the purchase and sale
agreements entered into by SPT and DRGW, SPT may not commence rail
operations over these rail lines without obtaining additional
authorization from the Commission.
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The parties state they intended to consummate these transactions on
or after December 30, 1994.
This is a transaction within a corporate family of the type
specifically exempted from prior review and approval under 49 CFR
1180.2(d)(3). The parties state that the transaction will not result in
adverse changes in service levels, significant operational changes, or
a change in the competitive balance with carriers outside the corporate
family. The stated purpose of the transaction is for corporate finance
reasons and is intended to result in the prospective reduction of SPT's
consolidated income and combined property tax liabilities, thereby
improving SPT's financial condition.
As a condition to use of this exemption, any employees adversely
affected by this transaction will be protected by conditions set forth
in New York Dock Ry.--Control--Brooklyn Eastern Dist., 360 I.C.C. 60
(1979).
Petitions to revoke the exemption under 49 U.S.C. 10505(d) may be
filed at any time. The filing of a petition to revoke will not stay the
transaction. Pleadings must be filed with the Commission and served on:
Louis P. Warchot, Southern Pacific Building, Room 815, One Market
Plaza, San Francisco, CA 94105.
Decided: January 17, 1995.
By the Commission, David M. Konschnik, Director, Office of
Proceedings.
Vernon A. Williams,
Secretary.
[FR Doc. 95-1527 Filed 1-19-95; 8:45 am]
BILLING CODE 7035-01-P
