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11/14/2002
Rail News: Rail Industry Trends
RailWorks plans private, post-bankruptcy life
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After spending a year restructuring under Chapter 11 of the U.S. Bankruptcy Code, RailWorks Corp. emerged Nov. 13, six weeks after a Baltimore bankruptcy court blessed the company's reorganization plan.
The provider of construction, maintenance and material solutions for the freight and passenger rail industries will operate as a privately held company.
"RailWorks is well positioned to grow and prosper, thanks to solid financial backing, new leadership, a better-aligned organization, and a dedicated workforce," said Ab Rees, chairman and chief executive officer, in a prepared statement.
Added President and Chief Operating Officer Jim Kimsey: "We're ready to demonstrate our value to our customers in the rail and rail-transit industries."
Founded in 1998, RailWorks recently integrated its subsidiaries into two divisions — Transit Systems and Track Products & Services — that provide an array of products and services for the U.S. and Canadian freight and passenger rail industries.
The provider of construction, maintenance and material solutions for the freight and passenger rail industries will operate as a privately held company.
"RailWorks is well positioned to grow and prosper, thanks to solid financial backing, new leadership, a better-aligned organization, and a dedicated workforce," said Ab Rees, chairman and chief executive officer, in a prepared statement.
Added President and Chief Operating Officer Jim Kimsey: "We're ready to demonstrate our value to our customers in the rail and rail-transit industries."
Founded in 1998, RailWorks recently integrated its subsidiaries into two divisions — Transit Systems and Track Products & Services — that provide an array of products and services for the U.S. and Canadian freight and passenger rail industries.
