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RailAmerica Inc. March 27 completed three transactions worth $7.1 million, resulting in the sale of 359-mile Georgia Southwestern Railroad (GSWR).
The short-line holding company sold about 102 of GSWR's track miles to the state of Georgia for $5.4 million, and the short line's capital stock and locomotives to private operator Georgia Southwest for $1.7 million.
Georgia Southwest, which is owned by former GSWR General Manager Terry Small, plans to continue operating GSWR on behalf of the state.
RailAmerica plans to use sale proceeds to reduce corporate debt and help fund core railroad properties.
The company in May 2000 sold a 71-mile portion of GSWR — which generated $3.7 million in 2001 revenue — to the state for $2 million.