Short-line railroads seek expedited approval for sale

Short-line railroads seek expedited approval for sale    Lehigh Valley Rail Management LLC has asked the U.S. Surface Transportation Board to use a streamlined review process to approve its acquisition of three short rail lines from International Steel Group.
   Lehigh has agreed to acquire a 132-mile line in Northampton County, Penn., formerly operated by Keystone Railroad LLC; a 32-mile line in Cambria County, Penn., formerly operated by Conemaugh & Black Lick Railroad; and a 4.5-mile line formerly operated by Cambria and Indiana Railroad Inc. The three railroads were subsidiaries of bankrupt Bethlehem Steel Corp., which sold 10 railroads and the rest of its assets to International Steel Group last May. ISG Railway Inc., the steelmaker's rail operating division, subsequently agreed to sell three of the lines to Lehigh Valley Rail Management.
   The streamlined review process requires much less documentation and fees than a formal application.