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Evidently Amtrak received approval to use part of NY Penn Station as collateral to borrow $300M in order to raise enough cash to make it through the rest of the fiscal year (thru September 30 2001). The need for cash was partially blamed on the one year delay to the start of Acela service. Meanwhile DOT secretary Norm Mineta says that Amtrak will not meet its self-sufficency goal by 10/1/2002, while Amtrak president George Warrington says progress has been made.
Posts: 874 | From: South Bay (LA County), Calif, USA | Registered: Aug 2000
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