advertisement

---

• CIT Group Inc. announced Tuesday that its “prepackaged plan of reorganization” had been confirmed by the U.S. Bankruptcy Court for the Southern District of New York, according to a prepared statement, in which CIT also indicated that it anticipates emerging from bankruptcy today. Under the plan, CIT would reduce its total debt by about $10.5 billion while deferring debt maturities for three years. The plan also enables the company — CIT’s holdings include full-service rail-car and locomotive lessor CIT Rail — to “enhance capital ratios to levels that exceed regulatory requirements.” Meanwhile, CIT’s search for a new chief executive officer continues. In October, Jeffrey Peek told the board he planned to resign as chairman and CEO, effective Dec. 31.

• Koppers Inc., a wholly owned subsidiary of Koppers Holdings Inc., announced yesterday that it had signed a letter of intent to acquire all of the outstanding shares of privately owned Cindu Chemicals B.V. from joint owners Cindu B.V. and Corus Staal B.V. for an undisclosed purchase price. Cindu Chemicals’ operations include a 140,000-metric-ton tar distillation plant in Uithoorn, Netherlands, and storage tanks at the Port of Amsterdam. The company also has a long-term tar supply contract with Corus Staal. Koppers, which produces carbon compounds and treated wood products (including crossties), “expects to fund the acquisition primarily with cash,” according to a prepared statement.

• Amtrak awarded a software maintenance contract to Eta Phi Systems Inc. covering a legacy Automatic Vehicle Location and Passenger Information Display System used on the three California intercity rail services: the Capitol Corridor, San Joaquin and Pacific Surfliner. Under the pact, Eta Phi Systems also will service Altamont Commuter Express trains. The contract calls for upgrades and modifications to existing software, and general improvements to the base product.

• C.K. Industries Inc.’s Claude Bigot, who has served as the lessor’s president and chief executive officer since 1974, will retire Dec. 31. C.K. Industries Vice President Richard Meyers will take over as president on Jan. 1. Bigot intends to “remain active” in the rail-car leasing industry from his base in Deland, Fla., according to a prepared statement.

• Effective Jan. 1, there will be a “change of management” at the Railway Engineering-Maintenance Suppliers Association (REMSA). In a Dec. 7 letter to REMSA members, President Ronald Olds wrote that the REMSA board had entered into an agreement with Chambers, Conlon & Hartwell L.L.C. (CCH) to “manage the affairs of REMSA” for two years, with an option for an additional two years. Under the agreement, CCH Partner David Soule will serve as REMSA’s new executive director, replacing Judi Meyerhoeffer, who’ll continue with REMSA as director of trade shows. Soule, who’s been with CCH for 12 as partner in charge of international consulting, has managed several large railway restructuring projects in Eastern Europe and the former Russian Republics. Prior to Joining CCH, he served as executive VP and COO of the Delaware Otsego Corp., which owned the New York, Susquehanna & Western Railway, among other roads. “Our 2011 event, Railway Interchange 2011, will be the first joint event with AREMA, RSI and RSSI,” Olds wrote. “The joint event is a new concept and we are fortunate to have Judi with her many years of trade show experience as our representative on the committee that will organize and run the event. We all appreciate Judi’s years of dedicated service and the many contributions she has made to REMSA.”