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In re Chicago Rys. Co.

January 4, 1947

IN RE CHICAGO RYS. CO. ET AL. WORCESTER ET AL.
v.
CHICAGO TRANSIT AUTHORITY ET AL.



Author: Kerner

Before SPARKS, MAJOR, and KERNER, Circuit Judges.

KERNER, Circuit Judge.

These are appeals from two orders, the first of which approved for submission to certain security holders a proposal for the sale of certain assets of five Chicago street railway companies in a proceeding for reorganization under Chapter X of the Bankruptcy Act. 11 U.S.C.A. ยง 501 et seq. The companies are managed and operated as a unified system and are generally referred to as the Chicago Surface Lines. The companies involved are: (1) Chicago Railways Company, (2) Chicago City Railway Company, (3) Calumet & South Chicago Railway Company (these three companies are debtors under Chapter X proceedings of the Bankruptcy Act), (4) The Southern Street Railway Company (which is in equity receivership), and (5) Chicago & Western Railway Company (a Chicago City Railway Company subsidiary; it is not in bankruptcy or equity receivership). Chicago Railways is known as the north side lines; City Railway, Calumet, and Southern are designated as the south side lines. The second order, entered after such submission, found that the plan had been duly approved by all requisite majorities, and confirmed the plan.

The outstanding securities of the Surface Lines Companies are as follows:

CHICAGO RAILWAYS COMPANY:

(a) First Mortgage (5%) Twenty-Year

Gold Bonds, due February 1, 1927

(outstanding after 25% payment on principal) $41,741,250.00

(b) Five Per Cent Consolidated

Mortgage Twenty-Year Gold Bonds,

Series A, due February 1, 1927 15,696,600.00

(c) Five Per Cent Consolidated

Mortgage Twenty-Year Gold Bonds,

Series B, due February 1, 1927 $16,934,405.00

(d) Purchase Money Mortgage (5%)

Gold Bonds, due February 1, 1927 3,969,155.00

(e) Adjustment Income Bonds (4%),

due February 1, 1927 2,379,136.66

(f) Capital Stock 1,000 shares

CHICAGO CITY RAILWAY COMPANY:

(g) Five Per Cent First Mortgage

Gold Bonds, due February 1, 1927

(outstanding after 15% payment

on principal) 27,644,550.00

(h) Capital Stock 180,000 shares

CALUMET AND SOUTH CHICAGO RAILWAY COMPANY:

(i) Five Per Cent First Mortgage

Gold Bonds, due February 1, 1927

(outstanding after 35% payment

on principal) 3,332,550.00

(j) Capital Stock ...


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