Federal report says 3 railroad tunnels unsafe Nov 18, 2007
However, he remained adamant that CORP and its parent company, RailAmerica, should give up ownership of the rail line ... At the meeting, RailAmerica s Regional Vice President Bob Jones said he was the one who opted to shut down the line ... Roseburg Forest Product s traffic manager, Andy Jeffers, said he was reviewing RailAmerica s proposal with senior managers at the company. (Coos Bay-North Bend The World, OR)
DeFazio dislikes plan for reopening short line Nov 16, 2007
At a gathering Wednesday of politicians and industry officials in Eugene, the company, whose parent -- RailAmerica -- was bought earlier this year by a Boca Raton, Fla ... RailAmerica's vice president for its Western region, Bob Jones, apologized Wednesday for the 24 hours notice the company gave shippers and government entities before it applied to shut the line down. (KGW Northwest NewsChannel 8, OR -- Business)
CORP calls for rail partnership Nov 16, 2007
Central Oregon ic Railroad officials, along with managers from parent company RailAmerica, said the Coos Bay rail line needs 23 ... On Wednesday afternoon, CORP officials and managers from the railroad s parent company, RailAmerica, unveiled their proposal to re-open the line ... The reality is the line loses money, said RailAmerica s Bob Jones, the vice president of the company s western region. (Coos Bay-North Bend The World, OR)
Oregon senator calls for action on railroad Oct 26, 2007
And, neither CORP nor its parent company, Florida-based RailAmerica, has released a timeline for upgrading the tunnels or re-opening the line ... On Wednesday, RailAmerica s public relations firm sent out a copy of the July 16 tunnel inventory report and a copy of a Sept. 21 letter again summarizing the report findings ... RailAmerica officials have said that kind of investment would require public money. (Coos Bay-North Bend The World, OR)
Port sues for $15 million Oct 24, 2007
General counsel, Scott Williams of CORP s parent company RailAmerica, said he had read through the port s complaint Monday. The railroad still is weighing its options. (Coos Bay-North Bend The World, OR)
Port to state: Divest from old railroad Oct 21, 2007
We have 3-percent interest in RailAmerica, said Kate Cooper Richardson, chief of staff for State Treasurer Randall Edwards ... Fortress in turn owns Florida-based RailAmerica, which it bought earlier this year ... RailAmerica owns the Central Oregon & Pacific Railroad, which closed the Coos Bay short line with one day s notice Sept. 21, citing concerns over unsafe tunnels. (Coos Bay-North Bend The World, OR)
Railroad not budging on closure Oct 7, 2007
Instead, Central Oregon & Pacific Railroad and its parent company RailAmerica provided A Draft Timeline for Coos Bay Line Public/Private Development ... The following is the text of a memo Central Oregon ic Railroad and RailAmerica representatives provided to state officials on a timeline concerning the Coos Bay short line. (Coos Bay-North Bend The World, OR)
Rail entitled to public help Oct 6, 2007
It s a subsidiary of RailAmerica, which boasts on its website that it is a leading short line and regional rail service provider with 41 short line and regional railroads, operating approximately 7,800 miles in the United States and Canada. The company s railroads operate in 25 states and three Canadian provinces. (Albany Democrat-Herald, OR)
DeFazio calls for rail probe Sep 29, 2007
In the end, though, state officials and local lawmakers say they are disturbed most by the attitude and responses of officials of CORP and its parent company RailAmerica. When asked what their plan is to repair the Coos Bay short line and re-open for business, officials were blunt. (Coos Bay-North Bend The World, OR)
Central Oregon & Pacific Railroad shut downs operations Sep 22, 2007
"The rail line segment has nine tunnels, each more than 115 years old, several of which are no longer safe to transit," the railroad's parent company, RailAmerica said in a statement. The company estimated repairs to the tunnels could cost up to $7 million over the next five years. (KGW Northwest NewsChannel 8, OR -- Business)
Railroad closes Coos Bay line Sep 22, 2007
The railroad sent out a press release Thursday night through its parent company, RailAmerica ... The immediate issue, Bishop said, is why CORP is balking at spending 7 million to keep the tracks open now, considering it s owned by RailAmerica ... And RailAmerica was purchased in November 2006 by Fortress Investment Group, an equity management company with 43 billion in assets. (Coos Bay-North Bend The World, OR)
Rittenmeyer named new CEO for EDS Jul 20, 2007
Before that, he served as chairman, CEO and president of RailTex, Inc., a leading short line railroad holding company acquired by RailAmerica in 2000; president and COO of Ryder TRS, Inc., a truck rental company; and COO of Burlington Northern Railroad. During his career, Rittenmeyer has also been in numerous senior executive positions, including serving as vice president of operations at Frito-Lay, Inc.; vice president Middle East and Worldwide Operations at PepsiCo Food International; and... (McKinney Courier Gazette)
City Settles Styrene Leak Case Jul 3, 2007
The city filed suit in September 2005 against Westlake Chemical, RailAmerica and Kinder Morgan Terminals. The city announced today that the defendants have collectively agreed to settle the case for $400,000. (FOX19.com, OH)
RailAmerica still eyeing New Zealand rail acquisition May 13, 2007
RailAmerica withdrew its cash offer for the company after examining its books ... The government of New Zealand also has been discussing buying Tranz Rail - a move that would likely be short term and good for RailAmerica's effort to eventually purchase the rail line, Marino said ... RailAmerica's cash offer came a time when Tranz Rail was almost into two years of restructuring its balance sheet and selling off a number of assets. (South Florida Business Journal, FL)
RailAmerica makes offer for New Zealand railroad May 13, 2007
Tranz Rail's operating revenue for the fiscal year ended June 30 was $331 million, according to RailAmerica, which described the company as the sole provider of rail freight services in New Zealand and operator of metro passenger services in Auckland and Wellington ... Tranz Rail's network includes about 2,400 miles of track, uses 267 locomotives, and hauls more than 7,000 railcars and containers a year, RailAmerica said ... RailAmerica said its newly formed subsidiary, Rail New Zealand, will... (South Florida Business Journal, FL)
FECI to go private in $3.5B deal May 12, 2007
The buyer is the same fund that bought RailAmerica, a railroad operation based in Boca Raton. FECI (NYSE: FLA), though, is arguably better known in South Florida, where its 351 miles of mainline track begin - or end, depending whether trains are on their way north or south. (South Florida Business Journal, FL)
RailAmerica agrees to be bought in $1.1B deal May 12, 2007
RailAmerica agrees to be bought in $1 ... RailAmerica agrees to be bought in $1 ... The deal calls for each RailAmerica (NYSE: RRA) shareholder to receive $16. (South Florida Business Journal, FL)
Florida East Coast to go private for $3.5B May 10, 2007
1 billion for Boca Raton-based RailAmerica. Jacksonville-based Florida East Coast Industries operates and a commercial real estate division. (Jacksonville Business Journal, FL)
A new track for FECI May 9, 2007
For one, Fortress Investment is already in the railroad business, operating RailAmerica in Boca Raton, and the two operations can ''blend in,'' he said. For another, it is easier to run a private commercial real estate development business -- where earnings often come at an uneven pace -- because the company doesn't have to report quarterly earnings to investors. (Miami Herald)
Movers: Companies in the news May 9, 2007
Fortress Investment Group, the first U.S. manager of private equity and hedge funds to go public, agreed Tuesday to buy Florida East Coast Industries, a real estate developer and railroad operator, for $3 (International Herald Tribune -- Business Asia)
RailAmerica restructures organization, again Apr 19, 2007
John Giles, chief executive officer at Boca Raton-based RailAmerica, said the changes will allow quicker responses to the needs of each road and each employee ... When it made its , RailAmerica named three regional presidents and eliminated about 20 upper and middle management positions ... Polley, an eight-year RailAmerica veteran is now to lead the company's northeast region. (South Florida Business Journal, FL)
Upgrades on track after freight buyback Apr 16, 2007
The previous Kennett government sold the network and the business in 1999 to Freight Australia, a subsidiary of US operator RailAmerica, for $163 million under a 15-year renewable lease over 45 years. In 2004, Toll Holdings Ltd's rail operator, Pacific National bought Freight Australia for $285 million. (The Age)
Schlosser Named CEO of Global Rail Systems, Inc. Apr 4, 2007
Schlosser formerly was president of ParkSierra Rail Group and senior vice president of operations for RailAmerica. "This is an exciting opportunity and I'm very pleased to be part of a company with such great products and people," Schlosser said. (PR Newswire)
Top executives change at RailAmerica Feb 26, 2007
RailAmerica has said Charles Swinburn will retire, after 11 years serving the company as a board member and, for the last two and a half years, serving as CEO.. John E. Giles is to take over Swinburn's responsibilities and report to RailAmerica's board of directors ... For Boca Raton-based RailAmerica, the change follows the company's Feb. 15 managed by affiliates of Fortress Investment Group LLC. Stockholders the a few days before. (South Florida Business Journal, FL)
Fortress buys RailAmerica Feb 15, 2007
RailAmerica (formerly NYSE: RRA) has 42 railroads operating about 7,800 miles in the United States and Canada ... was RailAmerica's financial adviser in the transaction, while provided the opinion to the company's board of directors that the merger consideration is fair to stockholders ... was legal adviser to RailAmerica and Skadden, Arps, Slate, was legal adviser to Fortress. (South Florida Business Journal, FL)
Hedge fund IPO is a first Feb 9, 2007
On the private equity side, which makes large investments in companies hoping to make them more valuable, it most recently invested in shipwreck recovery company Odyssey Marine Exploration, retirement home operator Holiday Retirement, Champion Mortgage and transportation company RailAmerica, says Capital IQ.. Buyers of Fortress shares don't own a piece of those investments, though. (USA Today -- Money)
A year of living expensively Jan 1, 2007
The unprecedented wave of mergers in 2006 took some of South Florida's remaining public companies private, such as RailAmerica. Claire's Stores is looking to do the same. (Sun-Sentinel.com)
