[Federal Register Volume 60, Number 240 (Thursday, December 14, 1995)]
[Notices]
[Pages 64178-64179]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-30461]
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INTERSTATE COMMERCE COMMISSION
[Finance Docket No. 32805]
Southern Pacific Transportation Company--Corporate Family
Reorganization Exemption--The Denver and Rio Grande Western Railroad
Company
Southern Pacific Transportation Company (SPT) and The Denver and
Rio Grande Western Railroad Company
[[Page 64179]]
(DRGW),1 common carriers by railroad, have jointly filed a notice
of exemption to exempt a transaction whereby SPT will purchase DRGW's
right-of-way, together with adjoining lands and improvements, between
(1) DRGW milepost 128.8 at or near Orestod, CO, and DRGW milepost 166.8
at or near Dotsero, CO; (2) DRGW milepost 175.95 at or near Walsenburg,
CO, and DRGW milepost 269.72 at or near Monte Vista, CO; (3) DRGW
milepost 373.22 at or near Delta, CO, and DRGW milepost 417.83 at or
near Oliver, CO; (4) DRGW milepost 603.52 at or near Mounds, UT, and
DRGW milepost 17.7 at or near Sunnyside, UT; (5) DRGW milepost 0.00 and
DRGW milepost 3.44 near Wellington, UT; (6) DRGW milepost 644.29 at or
near Colton, UT, and DRGW milepost 21.57 at or near Clear Creek, UT;
(7) DRGW milepost 695.70 at or near Springville Crossover, UT, and DRGW
milepost 33.18 at or near Burgin, UT; (8) DRGW milepost 360.91 at or
near Glenwood Springs, CO, and DRGW milepost 393.66 at or near Woody
Creek, CO; (9) DRGW milepost 373.20 at or near Delta, CO, and DRGW
milepost 350.13 at or near Montrose, CO; and (10) DRGW milepost 269.72
at or near Monte Vista, CO, and DRGW milepost 321.0 at or near Creede,
CO. DRGW will also grant SPT an easement over the DRGW right-of-way
between DRGW milepost 373.45 at or near Delta, CO, and DRGW milepost
424.05 at or near Grand Junction, CO.2
\1\DRGW is within SPT's consolidated group of companies.
\2\DRGW is retaining an easement for rail operations by which
DRGW will continue to provide freight rail service over the
properties being transferred and easement granted 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 that they intended to consummate these
transactions on or after November 13, 1995.
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: December 8, 1995.
By the Commission, David M. Konschnik, Director, Office of
Proceedings.
Vernon A. Williams,
Secretary.
[FR Doc. 95-30461 Filed 12-13-95; 8:45 am]
BILLING CODE 7035-01-P
