{
  "id": "RL31550",
  "type": "CRS Report",
  "typeId": "REPORTS",
  "number": "RL31550",
  "active": false,
  "source": "EveryCRSReport.com",
  "versions": [
    {
      "source": "EveryCRSReport.com",
      "id": 305580,
      "date": "2005-01-04",
      "retrieved": "2016-04-07T19:59:42.628908",
      "title": "Railroad Reorganization Under the U.S. Bankruptcy Code: Implications of a Filing by Amtrak",
      "summary": "In 1997, Congress enacted the Amtrak Reform and Accountability Act, the goal of which was\nto\npromote Amtrak\u2019s self-sufficiency with respect to operating funds within five years. The\nlaw has\nprovisions directing Amtrak to make plans for its liquidation in the event that it does not reach the\ngoals set forth. It directs the Amtrak Reform Council to present Congress a plan for restructuring\nintercity rail passenger service. It also directed the General Accounting Office to report on the\nimplications of Amtrak\u2019s possible liquidation. \n \n Many years have passed, and Amtrak has realized neither profit nor operational self-sufficiency. \nAlthough liquidation has  not  been proposed, the threat of shut-down has arisen. \n \n This report examines the railroad reorganization provisions under the U. S. Bankruptcy Code,\nSubchapter IV, 11 U.S.C. Sections 1164 - 1174. These provisions, which exclusively govern\nrailroad bankruptcy, reflect the general flexibility of chapter 11 to promote a wide variety of\nrestructuring options, including liquidation. In railroad bankruptcies, a trustee is always appointed\nand the \u201cpublic interest\u201d is factored into the court\u2019s decisions. \n \n This report also considers the constitutional authority of Congress to restructure railroad\ntransportation under the Commerce Clause and to make laws concerning bankruptcy and liquidation\nunder the Bankruptcy Clause. In the case of railroad insolvency, the two provisions are often related.\n \n It is impossible to predict the precise financial impact an Amtrak bankruptcy -- reorganization\nor liquidation -- might have on its creditors and employees. But much of the concern expressed is\nfocused on the future of rail service. It is unlikely that Amtrak\u2019s bankruptcy alone would\ndetermine\nthe future of intercity passenger rail service. Shaping the future of rail service need not, and in all\nprobability would not, occur solely through the vehicle of an Amtrak bankruptcy. Congressional\naction to address national transportation needs may occur independent of a court\u2019s\nsupervision of\nan Amtrak bankruptcy.\n \n This report will not be updated.",
      "type": "CRS Report",
      "typeId": "REPORTS",
      "active": false,
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      "topics": []
    }
  ],
  "topics": [
    "Constitutional Questions",
    "Transportation Policy"
  ]
}