The Penn Central was created in 1968 by the merger of the Pennsylvania and New York Central railroads. It operated dozens of lines in the lower peninsula of Michigan. It quickly fell into financial trouble and entered bankruptcy in 1970. In 1976, the U.S. government transitioned Penn Central to successor Consolidated Rail Corporation (Conrail), and many lines in Michigan were abandoned, purchased by the State of Michigan or others.
Various→ Penn Central → Conrail (Consolidated Rail Corp.)
Renamed: 1968 - Pennsylvania New York Central Transportation Company.
Operated: 8 Years
Conveyed: 1969 - rail operations to Penn Central Transportation Company.
Bankruptcy: 1970 - declared.
Conveyed to: 1976 - to Conrail
Reference: [MRRC]
Photo Info: Conrail's Clinton Local is photographed at Lenawee Junction in 1977, shortly after the reorganization by Penn Central. [Doug Leffler photo]
1968. The Penn Central was created through the merger of the New York Central and Pennsylvania railroads.
1970. The PC declares bankruptcy.
1972. October. Penn Central's Tax Burden for 1970 has been cancelled by the U.S. Supreme Court. The ruling relieves the company from paying about $S34.7 million in back taxes owed 34 states. [Progressive Railroading]
1972. September. The bankrupt PC sold its luxurious (and profitable) Barclay Hotel in New York City to a subsidiary of United Airlines for $21.8 mil1ion. [The Call Board]
1976. The lines of the Penn Central were conveyed by Congress to the Consolidated Rail Corporation, known as Conrail. Other lines were included.
The following sources are utilized in this website. [SOURCE-YEAR-MMDD-PG]:
