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10/4/2010
Rail News: Rail Industry Trends
RailAmerica signs agreement to operate portion of Ottawa Valley Railway
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RailAmerica Inc. recently announced its subsidiary RailLink Canada Ltd. has entered into a long-term operating agreement with Canadian Pacific to operate a portion of the Ottawa Valley Railway (OVRR) line.
In December 2009, RailLink terminated its lease with CP for the OVRR. As part of the lease termination terms, the company continued to operate 157 miles of the line between Sudbury and Mattawa, Ontario, and between Mattawa and Temiscaming, Quebec, for an interim period of time. RailAmerica now has agreed to continue to operate those segments of OVRR under a new, five-year operating agreement with an option for future extension.
“We are pleased to maintain this railroad as part of our portfolio and continue our relationship with CP under this new operating agreement,” said RailAmerica President and Chief Executive Officer John Giles in a prepared statement.
In December 2009, RailLink terminated its lease with CP for the OVRR. As part of the lease termination terms, the company continued to operate 157 miles of the line between Sudbury and Mattawa, Ontario, and between Mattawa and Temiscaming, Quebec, for an interim period of time. RailAmerica now has agreed to continue to operate those segments of OVRR under a new, five-year operating agreement with an option for future extension.
“We are pleased to maintain this railroad as part of our portfolio and continue our relationship with CP under this new operating agreement,” said RailAmerica President and Chief Executive Officer John Giles in a prepared statement.
