NNG: SLRG sale bids now accepted: first bid is $7.5 million

Quote
R&R
April 14th 2021 -- DENVER — Colorado’s San Luis & Rio Grande is up for sale. This week, the trustee for the bankrupt short line that was once part of the embattled Iowa Pacific Holdings empire, filed a motion in U.S. Bankruptcy Court stating that the railroad in southern Colorado is to be sold by June 1.

Midwest & Bluegrass Rail, a short line operator with four different railroads of its own, has made a stalking horse bid of $7.5 million for the railroad, kicking off a six-week period where other bids will be accepted. If the trustee receives a bid of more than the stocking horse price, an auction will be held on May 26. The sale will be completed at a court hearing on June 1. The sale will include the nearly 150 miles of railroad and other equipment and structures belonging to the Alamosa, Colo.-based railroad.


Full article link:
[railfan.com]