Printer Friendly

ICC REQUIRES COMPLETION OF EMPLOYEE ARRANGEMENTS FOR FOX VALLEY & WESTERN ACQUISITIONS

 ROSEMONT, Ill., Jan. 25 /PRNewswire/ -- Wisconsin Central Transportation Corp. (WCTC) (NASDAQ-NMS: WCLX) said the Interstate Commerce Commission on Friday evening (Jan. 22) issued a news release relating to the pending acquisition of the operating rail assets of the Fox River Valley Railroad Corporation (FRVR) and the Green Bay and Western Railroad Company (GBW) by Fox Valley & Western Ltd. (FV&W), a non-carrier subsidiary of WCTC. The commission's news release indicated that a forthcoming order will require completion of employee implementing arrangements prior to FV&W proceeding as planned.
 The ICC has approved FV&W's plans to acquire the assets of the FRVR and GBW. The closing was expected to take place on Dec. 30, 1992, but in response to filings by labor unions, the commission postponed the effective date until Jan. 28, 1993 to review employee arrangements.
 Under the "New York Dock" employee-protective conditions imposed by the ICC, carriers are directed to reach implementing arrangements with employees, and if arrangements are not reached after 30 days, binding arbitration is required.
 The ICC said it has now decided that a previously issued implementing arrangement for non-union employees of the FRVR did not comply with specific commission-imposed "New York Dock" employee- protective conditions.
 WCTC President Edward Burkhardt said that WCTC has not received the order from the ICC that corresponds to its Jan. 22 news release. "Nevertheless, we will do whatever is necessary to speed this process along. FV&W expects to close the transaction as soon as possible, consistent with ICC requirements."
 Shares of Wisconsin Central Transportation Corp. are traded on the NASDAQ National Market System under the symbol WCLX. The company's principal subsidiary, Wisconsin Central Ltd., operates more than 2,000 miles of railroad serving Wisconsin, Illinois, Minnesota, Michigan's Upper Peninsula and Ontario.
 -0- 1/25/93
 /CONTACT: Ed Burkhardt, president, or Tom Power, executive VP, both of Wisconsin Central Transportation Corp., 708-318-4600/
 (WCLX)


CO: Wisconsin Central Transportation Corporation; Fox River Valley
 Railroad Corporation ST: Illinois IN: TRN SU: TNM


MP -- MN007 -- 8481 01/25/93 12:10 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 25, 1993
Words:339
Previous Article:OCCIDENTAL CONFIRMS GAS DISCOVERY IN PAKISTAN
Next Article:FORTIS FINANCIAL GROUP TO FORM LIFE INSURANCE SUBSIDIARY
Topics:


Related Articles
WISCONSIN CENTRAL SUBSIDIARY TO PURCHASE THREE LINES FROM ITEL RAIL CORPORATION
SHIPPERS HEAR PLANS FOR NEW FOX VALLEY RAIL LINE
WISCONSIN CENTRAL URGES RAIL USERS TO BE WARY OF CNW CAMPAIGN
WISCONSIN CENTRAL REFUTES C&NW TRACK USE PROPOSAL IN ICC FILING
ICC UNANIMOUSLY APPROVES GB&W-FRVR LINE PURCHASE BY WISCONSIN CENTRAL No Competitive Conditions Imposed; WCTC Plans to Close on the Purchase by Year...
FOX VALLEY & WESTERN BEGINS RAIL OPERATIONS IN WISCONSIN
WISCONSIN CENTRAL REPORTS RECORD THIRD QUARTER OPERATING REVENUES, OPERATING INCOME AND NET INCOME
NATIONAL MEDIATION BOARD RULES ON EMPLOYEE UNION REPRESENTATION ISSUES AT FV&W
NATIONAL MEDIATION BOARD TO CONDUCT REPRESENTATION ELECTION ON WISCONSIN CENTRAL LTD. AND FOX VALLEY & WESTERN LTD.
SANTA FE PACIFIC ISSUES STATEMENT

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters