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RAILWORKS CORPORATION EMERGES FROM BANKRUPTCY AS PRIVATE COMPANY
White Plains, N.Y. (November 13, 2002) – RailWorks Corporation, a leading provider of construction, maintenance and material solutions for the rail and rail-transit industries, emerged from bankruptcy today following a year of restructuring under Chapter 11 of the U.S. Bankruptcy Code. The company received approval of its reorganization plan from the bankruptcy court in Baltimore, Md., effective October 1, 2002. Following a required review period, RailWorks emerged from bankruptcy today and will operate as a privately held company.
"RailWorks is well positioned to grow and prosper, thanks to solid financial backing, new leadership, a better-aligned organization, and a dedicated workforce," said Ab Rees, chairman and chief executive officer for RailWorks Corporation. "We're excited to begin a new era of service, excellence and growth."
Jim Kimsey, president and chief operating officer for RailWorks Corporation, said the leadership has taken the necessary actions to strengthen the company. "RailWorks is now a unified, financially stable company. We're ready to demonstrate our value to our customers in the rail and rail-transit industries."
RailWorks recently integrated its specialized subsidiary companies into two divisions – Transit Systems and Track Products & Services – operating under the RailWorks Corporation name. These operating groups provide a broad array of products and services for the rail and transit industries throughout the United States and Canada:
Transit Systems
- Electrical and mechanical installation
- Communication, control and intelligent system management
- Rail-transit construction services
- Concrete repair and demolition
Track Products & Services
- Treated wood products
- Coal tar products
- Switch
heaters and snow blowers
- Pre-cast concrete products
- Track construction and maintenance
- Rail grinding
- Industrial plant switching
- Railroad cross tie recycling
- Locomotive, freight car and track machinery rehabilitation
- Remote control installation
RailWorks Corporation was formed in 1998 to capitalize on the growing need for rail construction, maintenance, and materials solutions. This increased demand for rail service support was brought about by rail industry consolidation, increases in federal funding for rail-transit infrastructure improvements, and manufacturers' needs for modern rail infrastructure in their facilities.
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About RailWorks
Founded in 1998, RailWorks Corporation provides reliable construction, maintenance, and material solutions for the rail and rail-transit industries. With revenues of approximately $550 million, RailWorks is a leading provider of integrated rail systems services and products in the United States and Canada. RailWorks is now a privately held company.
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Kathy Simpson
RailWorks
913-310-9888
ext. 262
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