8-KOther Events

CSX CORP 8-K Report (Jun 5, 2003)

Filed June 5, 2003For Securities:CSX

Summary

CSX Corporation (CSX) filed an 8-K report on June 4, 2003, detailing a significant regulatory filing with the Surface Transportation Board (STB). This filing concerns the proposed direct ownership and control of two key Conrail subsidiaries, New York Central Lines LLC and Pennsylvania Lines LLC, by CSX's railroad subsidiary, CSX Transportation, Inc., and Norfolk Southern's subsidiary, Norfolk Southern Railway Company. This action represents a critical step in the ongoing integration and operational restructuring following the earlier acquisition and division of Conrail's assets.

Key Highlights

  • 1CSX and Norfolk Southern jointly filed a petition with the Surface Transportation Board (STB) on June 4, 2003.
  • 2The petition seeks to establish direct ownership and control of two Conrail subsidiaries: New York Central Lines LLC and Pennsylvania Lines LLC.
  • 3CSX Transportation, Inc. (CSX's railroad subsidiary) and Norfolk Southern Railway Company (NS's railroad subsidiary) are slated to gain direct control.
  • 4This filing is a procedural step in the planned integration and operational alignment of former Conrail assets.
  • 5The event underscores the ongoing efforts to finalize the post-Conrail acquisition operational structure.

Frequently Asked Questions

The main purpose is to announce that CSX and Norfolk Southern have jointly submitted a petition to the Surface Transportation Board (STB) to gain direct ownership and control over two specific subsidiaries of Conrail: New York Central Lines LLC and Pennsylvania Lines LLC.

CSX's railroad subsidiary, CSX Transportation, Inc., and Norfolk Southern's railroad subsidiary, Norfolk Southern Railway Company, will gain direct ownership and control.

This filing is significant as it represents a key regulatory step towards solidifying the operational structure and asset control following the major acquisition and subsequent division of Conrail. It is part of the process to realize the anticipated efficiencies and benefits from the Conrail integration.

The STB is a U.S. government agency responsible for regulating the nation's railroads. In this case, the STB's approval is required for the proposed direct ownership and control of the Conrail subsidiaries by CSX and Norfolk Southern.