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RAILAMERICA, INC. ANNOUNCES EARLY TERMINATION OF OTTAWA VALLEY RAILWAY LEASE WITH CANADIAN PACIFIC:

RailAmerica, Inc. today reported that its subsidiary RaiLink Canada Ltd. has closed on a transaction with the Canadian Pacific Railway (CP) to terminate its lease of the Ottawa Valley Railway (OVR) line. Under the terms of the agreement, RailAmerica, Inc. received C$73 million in gross proceeds. The Company estimates net cash proceeds after taxes and transaction related expenses of C$69 to C$70 million. RailAmerica's subsidiary will terminate its lease of the CP-owned OVR rail line between Smiths Falls and Camspur, near Petawawa ON, effective upon clearance of the remaining cars from the line. Under the Canada Transportation Act, CP has 60 days to decide if train service will be restored on the line. RailAmerica's subsidiary will continue to maintain and operate the CP-owned rail lines between Sudbury and Mattawa, ON, Mattawa and Temiscaming, PQ, and Mattawa and Camspur until dates in 2010 to be determined by CP. The OVR operation consists of 342 mainline miles of track and primarily transports bridge traffic, chemicals, and pulp and paper products. For the nine months ended September 30, 2009, total revenue for OVR was C$13.3 million, operating income was C$4.6 million, depreciation/amortization expense was C$0.4 million and capital expenditures were C$0.7 million. The Company will record the income or loss from these operations in discontinued operations beginning in the fourth quarter of 2009. (RailAmerica, Inc - posted 12/18)

TPS Control of TTC Special Constables

Im hearing that Toronto Police Service wants to take over TTC's special constable's if the commission approves and make them full TPS officers with more training

GWI plans to close HCRY

GENESEE & WYOMING, INC ANNOUNCES INTENT TO DISCONTINUE OPERATIONS OF HURSON CENTRAL RAILWAY: Genesee & Wyoming Inc. (GWI) today announced that its subsidiary Huron Central Railway Inc. (HCRY) intends to discontinue operations. The downturn in the economy has caused the Huron Central's traffic to decline substantially over the last 12 months, to the point that the railroad is not economically viable to operate for the long term. GWI expects to record charges in the second quarter of up to approximately $5.3 million after tax, or $0.15 per share, reflecting the non-cash write-down of non-current assets of approximately $7.1 million and cash costs associated with the cessation of HCRY operations ranging from $0.4 million to $1.9 million, which GWI expects to be partially offset by cash tax benefits of approximately $3.7 million. In the year ended December 31, 2008, HCRY handled approximately 16,000 carloads, generated revenues of $7.4 million and incurred a $2.1 million operating loss, thereby reducing GWI's diluted earnings per share by approximately $0.04. HCRY has operated the 173-mile railroad from Sudbury to Sault Ste. Marie, Ontario, under a lease agreement with Canadian Pacific Railway since 1997. The companies are working closely together and with customers to effect an orderly cessation of operations. HCRY will cease operations between McKerrow and Sault Ste. Marie on August 15, 2009. It will continue operation of the eastern segment of the railroad from Sudbury to McKerrow and Espanola until October 31, 2009. The closure will ultimately eliminate 45 jobs at HCRY (GWI- posted 6/15)


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Quebec Central back in business

with the help of the Quebec government and new ownership they are now serving a feed mill and a pulp mill online with them looking to get more customers. They have returned JMG1, SG2, GG3 and RG5 to service (u23b, gp11, gp11 and gp7r)