RailAmerica remains in sale mode with two more transactions (12/28/2001)
12/28/2021Two days after selling a Minnesota short line for $7.6 million, RailAmerica Inc. Dec. 28 completed two asset-sale transactions totaling $2.2 million.
RailAmerica Equipment Corp., a subsidiary of the short-line holding company, sold its tank-car fleet to Tyco Capital subsidiary The CIT Group/Equipment Financing Inc. for $1.7 million. RailAmerica also sold 290-mile Toledo, Peoria & Western Railway Corp.'s 12-mile LaHarpe-to-Lomax, Ill. line to Pioneer Railcorp's 38-mile Keokuk Junction Railway Co. for $500,000.
RailAmerica plans to use sale proceeds to reduce long-term debt and increase working capital.
Source: Progressive Railroading Daily News