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In re Chicago & N. W. Ry. Co.

126 F.2d 351, 1942 U.S. App. LEXIS 4134
Court of Appeals for the Seventh Circuit·Decided February 9, 1942·No. Nos. 7561-7569, 7724, 7767-7772, 7740, 7741·Published·Cited by 8 cases

Opinion

EVANS, Circuit Judge.

These eighteen appeals1 arise out of the reorganization proceedings of the Chicago [354] & North Western Railway Company, instituted pursuant to Section 77 of the Bankruptcy Act, 11 U.S.C.A. § 205. The Interstate Commerce Commission’s plan of reorganization has been accepted, with one exception, by more than two-thirds of the creditors, of each of the groups, who voted on the reorganization plan, and it has been confirmed by the District Court, after full hearing. We have the benefit of the District Court’s findings and opinion, In re Chicago & N. W. Ry. Co., D.C., 35 F.Supp. 230, and an elaborate and informative report by the Examiner of the I. C. C., as well as a complete discussion and ultimate findings by the Commission.2 The appeals are chiefly from the trial court’s orders of approval and confirmation of the plan of reorganization.

The Debtor operates in nine states, over 8,290.533 miles first main track and 13,047.-127 of all tracks.3 A subsidiary of the Debtor, the Chicago, St. Paul, Minneapolis & Omaha Railway Company, owns 1,577.171 [355] miles of first main track and 2,438.047 miles of all tracks. It is operated and renders reports separately from Debtor but its lines complement those of Debtor.

The Debtor’s obligations, generally, comprehended seven divisional mortgages, two system mortgages, R. F. C., R. C. C., and bank loans, equipment trust obligations, and other miscellaneous indebtedness.

To give a succinct idea of the basic facts of this reorganization and the Debtor’s financial structure, this chart is appended:

[356]

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In re Chicago & N. W. Ry. Co., 126 F.2d 351, 1942 U.S. App. LEXIS 4134 (7th Cir. 1942).

126 F.2d 351 (In re Chicago & N. W. Ry. Co.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

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