| By: | Richard Kundert |
| Dates: | 7/19/1986 - 8/24/1996 |
| Album Info: | Thanks for taking a look at my CC&P album. During the 1980's, ICG management was selling off marginally profitable lines and by 1989 had shed two-thirds of its mileage down to 2,872 miles. One of the lines to be sold was the entire Iowa Division, Chicago to Omaha. On Christmas Eve, 1985, using a $75 million loan from GE Credit, Jack Haley acquired the Iowa Division and the Chicago Central was in business. However, expenses were higher than planned and the CC&P entered bankruptcy on 9/1/1987. Haley left the CC&P and former BN executives took over the operations of the railroad. In an ironic turn of events, the Illinois Central (the "Gulf" was dropped in 1988) wanted to expand it's traffic base and purchased the CC&P in June, 1996. The IC didn't last much longer...within 3 years the Canadian National would merge the IC into it's system. |
