Conrail

Conrail, formally the Consolidated Rail Corporation, is an American railroad formed by the United States government in 1976 under the Regional Rail Reorganization Act to take over and consolidate the operations of several bankrupt Northeastern railroads, including the Penn Central, Erie Lackawanna and Reading Company. It was privatized in 1987 through a public stock offering, then in 1999 its network and assets were divided between the Norfolk Southern Railway and CSX Transportation, ending its existence as an independent Class I freight carrier. A small residual Conrail entity continues to operate shared-use track in a few dense urban areas, including parts of northern New Jersey, Detroit and Philadelphia, on behalf of its two former parent railroads.