This article is about the US rail transport holding company. For the railway museum in England, see Railworld Wildlife Haven. For the former English railway magazine, see Railway World.
Rail World is a rail transportholding company. Its specialties include railway management, consulting, investment, privatizations, and restructurings. Its purpose is to promote rail industry privatization by bringing together government bodies wishing to sell their stakes with investment capital and management skills.
Rail World was incorporated in July 1999 by Edward Burkhardt, who is the President and Chief Executive Officer.[1][2]
Rail World's assets consist of a controlling interest in San Luis Central Railroad in Colorado and a 100% ownership of Rail Polska (Poland) and Baltic Rail OU (Estonia).
Subsidiariesedit
Baltic Rail OU (container train operator)
Rail Polska (freight railway operations)
Rail World Locomotive Leasing, (locomotive leasing)
After the derailment at Lac-Mégantic, Quebec, Canada of a Montreal, Maine & Atlantic Railway (MM&A) freight train on July 6, 2013 which left 47 people dead or missing, president Edward Burkhardt visited Lac-Mégantic on July 10, 2013, and was heckled by residents who were critical of his company's response to the incident. After the accident the railway's safety record was called into question. Over the previous decade the firm recorded a higher accident rate than the rest of the US rail fleet, according to data from the Federal Railroad Administration.[3] In the previous year the railroad had 36.1 accidents per million miles travelled, in comparison to a national average of 14.6 accidents per million miles traveled.[4]
On August 7, 2013, the MM&A filed for bankruptcy protection in both the Quebec Superior Court in Montreal (under the Companies Creditors Arrangement Act)[5] and the United States Bankruptcy Court in Bangor, Maine[6] (under Chapter 11).[7][8] The company owes more than seven million dollars to the municipality of Lac-Mégantic in cleanup costs the town has already paid to MM&A contractors and owes severance pay to its laid-off workers; liabilities are expected to increase as lawsuits are filed on behalf of victims of the disaster and as the long process of environmental decontamination and local rebuilding continues.[9] The MM&A's certificate of fitness was revoked by the Canadian Transportation Agency on August 13, 2013, citing inadequate liability insurance; this effectively bans the MM&A from operating in Canada.[10][11]
^Lac-Megantic disaster: Engineer blamed for Canada blast BBC News July 10. 2013
^"Lac Mégantic rail disaster company MM&A files for bankruptcy". CBC News. 2013-08-07. Retrieved 2013-08-07.
^"Maine-based railway involved in Quebec crash that killed 47 files for bankruptcy". Bangor Daily News. 2013-08-07. Retrieved 2013-08-08.
^Kim Mackrael (2013-08-07). . The Globe & Mail. Archived from the original on 2013-08-08. Retrieved 2013-08-07.
^. Archived from the original on 2017-10-27. Retrieved 2019-01-27.
^"Le Syndicat des Métallos accuse la MMA de voler ses employés" (in French). Radio-Canada. 2013-08-07. Retrieved 2013-08-07.
^"Railway in Quebec tragedy has its Canadian licence suspended - CityNews Toronto".
^"Lac-Mégantic rail disaster company can no longer operate in Canada". CBC Montréal. 2013-08-13. Retrieved 2013-08-13.
^Baltic Rail Services Completes the Purchase of a Controlling Interest in Eesti Raudtee, Estonian State Railways 2011-09-27 at the Wayback Machine Railroad Development Corporation September 4, 2001
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This article is about the US rail transport holding company For the railway museum in England see Railworld Wildlife Haven For the former English railway magazine see Railway World Rail World is a rail transport holding company Its specialties include railway management consulting investment privatizations and restructurings Its purpose is to promote rail industry privatization by bringing together government bodies wishing to sell their stakes with investment capital and management skills Rail WorldCompany typePrivateIndustryRail transportFoundedJuly 1999FounderEdward BurkhardtHeadquartersRosemont Illinois United StatesArea servedUnited States Poland UkraineKey peopleEdward Burkhardt President amp CEO SubsidiariesSan Luis Central RailroadRail PolskaRail World Locomotive LeasingRail World UkraineBaltic Rail OU Contents 1 Overview 2 Subsidiaries 3 Response to Lac Megantic derailment 4 Former subsidiaries 5 References 6 External linksOverview editRail World was incorporated in July 1999 by Edward Burkhardt who is the President and Chief Executive Officer 1 2 Rail World s assets consist of a controlling interest in San Luis Central Railroad in Colorado and a 100 ownership of Rail Polska Poland and Baltic Rail OU Estonia Subsidiaries editBaltic Rail OU container train operator Rail Polska freight railway operations Rail World Locomotive Leasing locomotive leasing Rail World Ukraine a freight forwarding service San Luis Central Railroad railway freight operations Response to Lac Megantic derailment editAfter the derailment at Lac Megantic Quebec Canada of a Montreal Maine amp Atlantic Railway MM amp A freight train on July 6 2013 which left 47 people dead or missing president Edward Burkhardt visited Lac Megantic on July 10 2013 and was heckled by residents who were critical of his company s response to the incident After the accident the railway s safety record was called into question Over the previous decade the firm recorded a higher accident rate than the rest of the US rail fleet according to data from the Federal Railroad Administration 3 In the previous year the railroad had 36 1 accidents per million miles travelled in comparison to a national average of 14 6 accidents per million miles traveled 4 On August 7 2013 the MM amp A filed for bankruptcy protection in both the Quebec Superior Court in Montreal under the Companies Creditors Arrangement Act 5 and the United States Bankruptcy Court in Bangor Maine 6 under Chapter 11 7 8 The company owes more than seven million dollars to the municipality of Lac Megantic in cleanup costs the town has already paid to MM amp A contractors and owes severance pay to its laid off workers liabilities are expected to increase as lawsuits are filed on behalf of victims of the disaster and as the long process of environmental decontamination and local rebuilding continues 9 The MM amp A s certificate of fitness was revoked by the Canadian Transportation Agency on August 13 2013 citing inadequate liability insurance this effectively bans the MM amp A from operating in Canada 10 11 Former subsidiaries editEesti Raudtee 25 5 from August 2001 until January 2007 12 13 References edit For Ed Burkhardt a new adventure Trains June 2000 pages 23 24 Runaway Quebec Train s Owner Battled Safety Issues Wall Street Journal July 9 2013 Train company in Quebec derailment headed by Chicago rail veteran The Globe amp Mail July 7 2013 Lac Megantic disaster Engineer blamed for Canada blast BBC News July 10 2013 Lac Megantic rail disaster company MM amp A files for bankruptcy CBC News 2013 08 07 Retrieved 2013 08 07 Maine based railway involved in Quebec crash that killed 47 files for bankruptcy Bangor Daily News 2013 08 07 Retrieved 2013 08 08 Kim Mackrael 2013 08 07 MM amp A files for bankruptcy after Lac Megantic rail disaster The Globe amp Mail Archived from the original on 2013 08 08 Retrieved 2013 08 07 Montreal Gazette Montreal Maine and Atlantic files for bankruptcy protection August 7 2013 In this report however the US bankruptcy case was filed in Chicago Archived from the original on 2017 10 27 Retrieved 2019 01 27 Le Syndicat des Metallos accuse la MMA de voler ses employes in French Radio Canada 2013 08 07 Retrieved 2013 08 07 Railway in Quebec tragedy has its Canadian licence suspended CityNews Toronto Lac Megantic rail disaster company can no longer operate in Canada CBC Montreal 2013 08 13 Retrieved 2013 08 13 Baltic Rail Services Completes the Purchase of a Controlling Interest in Eesti Raudtee Estonian State Railways Archived 2011 09 27 at the Wayback Machine Railroad Development Corporation September 4 2001 EVR s private interlude is over Archived 2012 05 31 at the Wayback Machine Railway Gazette International February 2007External links editOfficial website Retrieved from https en wikipedia org w index php title Rail World amp oldid 1174256930, wikipedia, wiki, book, books, library,
