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Penn Central's only hope of avoiding bankruptcy was government intervention, and the Nixon administration had contemplated a $200 million bailout via the Defense Production Act, reassigning funding intended for the United States Navy—this was to be followed by a $750 million general bailout for troubled railroads.
The Penn Central Transportation Company, commonly abbreviated to Penn Central, was an American class I railroad that operated from 1968 to 1976. Penn Central combined three traditional corporate rivals (the Pennsylvania, New York Central and the New York, New Haven and Hartford railroads), all united by large-scale service into the New York metropolitan area and (to a lesser extent) New ...
The plan was unveiled on July 26, 1975, consisting of lines from Penn Central and six other companies—the Ann Arbor Railroad (bankrupt 1973), Erie Lackawanna Railway (1972), Lehigh Valley Railroad (1970), Reading Company (1971), Central Railroad of New Jersey (1967) and Lehigh and Hudson River Railway (1972).
Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date. What Happened? On this day 48 years ago, Penn Central filed for bankruptcy . Where The Market ...
In 1968, the Pennsylvania Railroad merged with New York Central and the railroad eventually went by the name of Penn Central Transportation Company, or "Penn Central" for short. The former competitors' networks integrated poorly with each other, and the railroad filed for bankruptcy within two years. [4]: Chapter 1
Ann Arbor Railroad (AA), controlled by Penn Central [1] Central Railroad of New Jersey (CNJ) Lehigh and Hudson River Railway (L&HR) Lehigh Valley Railroad (LV), controlled by Penn Central [1] Reading Company (RDG) So were most railroads that had been leased or controlled by them, sometimes jointly.
The railroad was established in 1853, consolidating several existing railroad companies. In 1968, the NYC merged with its former rival, the Pennsylvania Railroad, to form Penn Central. [1] Penn Central went into bankruptcy in 1970 and, with extensive Federal government support, emerged as Conrail in 1976. [2]
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