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The Penn Central Transportation Company, commonly abbreviated to Penn Central, was an American class I railroad that operated from 1968 to 1976. Penn Central combined three traditional corporate rivals (the Pennsylvania, New York Central and the New York, New Haven and Hartford railroads), all united by large-scale service into the New York metropolitan area and (to a lesser extent) New ...
The Penn Central merger combined two historical rivals with incompatible corporate cultures. Northeastern United States railroads New York Central Railroad and Pennsylvania Railroad decided to merge in the early 1960s, with both companies' stockholders voting in favor of a merger on May 8, 1962.
In 1968, the Pennsylvania Railroad merged with New York Central and the railroad eventually went by the name of Penn Central Transportation Company, or "Penn Central" for short. The former competitors' networks integrated poorly with each other, and the railroad filed for bankruptcy within two years. [4]: Chapter 1
The following railroads merged to form the Pennsylvania Railroad (PRR). On February 1, 1968, the PRR merged into Pennsylvania New York Central Transportation.. The following PRR-owned and leased companies were still separate at the time of the Penn Central merger:
In 1969, its rail assets were merged with the Penn Central system, [2] formed a year earlier by the merger of the New York Central Railroad and Pennsylvania Railroad. Already a poorly conceived merger, Penn Central went bankrupt in 1970, becoming the largest U.S. bankruptcy until the Enron Corporation superseded it in 2001.
Ann Arbor Railroad (AA), controlled by Penn Central [1] Central Railroad of New Jersey (CNJ) Lehigh and Hudson River Railway (L&HR) Lehigh Valley Railroad (LV), controlled by Penn Central [1] Reading Company (RDG) So were most railroads that had been leased or controlled by them, sometimes jointly.
The outcry over the destruction of the ornate structure instigated the landmarks preservation movement. Saunders also orchestrated PRR's merger with the New York Central Railroad to create Penn Central (PC), serving as that railroad's chairman and CEO. Financial difficulties forced the company into bankruptcy in 1970.
On March 25, 1994, the company changed its name from Penn Central Corporation to American Premier Underwriters Inc. [3] In December 1994, the company, which was 40.4 percent owned by the American Financial Corporation, announced that it would be acquiring the parent company in a stock merger.