Northwestern Pacific No Longer Making Lease Payments to NCRA?
this letter from the Redwood Times suggests that NWP is behind in payments and that NCRA will default. Comments?
“To the Editor:
Since private NWP Co. stopped making lease payments to the North Coast Railroad Authority (NCRA) months ago, the public railroad seems headed for some type of radical status change or restructuring. Ironically, after about 15 years without rail service on the NCRA tracks, NWP Co. finally began operating earlier this year from Napa to Windsor in the South. Thus, as NWP Co. developed its own revenue stream, it has put the NCRA at risk. While the details of the NCRA-NWP Co. financial dispute are unclear, it is believed that the NCRA cannot continue much longer without technical default on obligations.”
This entry was posted on November 6, 2012 at 7:42 am and is filed under Uncategorized with tags arcata, default, eureka, humboldt county, NCRA, North Coast Railroad Authority, Northwestern Pacific Railroad, RAILBANKING, rails to trails. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.