[Federal Register Volume 62, Number 97 (Tuesday, May 20, 1997)]
[Notices]
[Page 27653]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 97-13160]
-----------------------------------------------------------------------
DEPARTMENT OF TRANSPORTATION
Surface Transportation Board
[STB Finance Docket No. 33383]
Illinois Central Corporation and Illinois Central Railroad
Company--Corporate Family Transaction Exemption
Illinois Central Corporation, a noncarrier holding company (IC
Corp.) and Illinois Central Railroad Company (ICR), a Class I rail
carrier,1 have jointly filed a verified notice of exemption.
IC Corp. has formed a new subsidiary in the State of Illinois known as
the IC Railroad Acquisition Company (ICAC). ICR will be merged into
ICAC, with ICAC as the surviving entity.
---------------------------------------------------------------------------
\1\ ICR, a Delaware corporation, is a wholly owned subsidiary of
IC Corp. ICR controls and operates the Waterloo Railway Company
(WLO), a Class III rail carrier, and also owns non-controlling stock
interests in 5 switching and terminal railroads.
---------------------------------------------------------------------------
The transaction is to be consummated on or after May 14,
1997.2 The transaction will allow the reincorporation of ICR
in the State of Illinois and will more closely align ICR's corporate
structure with its existing business and operations.
---------------------------------------------------------------------------
\2\ Upon consummation, ICAC will become a wholly owned rail
carrier subsidiary of IC Corp and the parent of WLO. In addition,
ICAC will be renamed Illinois Central Railroad Company.
---------------------------------------------------------------------------
The creation of the new subsidiary ICAC and the merger of ICR into
ICAC are transactions 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
changes in service levels, operational changes, or a change in the
competitive balance with carriers outside the corporate family.
As a condition to this exemption, any employees adversely affected
by the transaction will be protected under New York Dock Ry.--Control--
Brooklyn Eastern Dist., 360 I.C.C. 60 (1979).
If the verified notice contains false or misleading information,
the exemption is void ab initio. Petitions to reopen the proceeding to
revoke the exemption under 49 U.S.C. 10502(d) may be filed at any time.
The filing of a petition to reopen will not automatically stay the
transaction.
An original and 10 copies of all pleadings, referring to STB
Finance Docket No. 33383, must be filed with the Surface Transportation
Board, Office of the Secretary, Case Control Unit, 1925 K Street, N.W.,
Washington, DC 20423-0001. In addition, a copy of each pleading must be
served on Myles L. Tobin, Esq., Illinois Central Railroad Company, 455
North Cityfront Plaza Drive, Chicago, IL 60611-5504.
Decided: May 13, 1997.
By the Board, David M. Konschnik, Director, Office of
Proceedings.
Vernon A. Williams,
Secretary.
[FR Doc. 97-13160 Filed 5-19-97; 8:45 am]
BILLING CODE 4915-00-P
