(Bloomberg news circulated the following story on May 22.)
CALGARY — Canadian Pacific Railway Ltd., the country’s second-biggest freight carrier, says it will propose a plan to run B.C. Rail Ltd., a money-losing company owned by the B.C. government.
The provincial government last week said it would seek a private operator for B.C. Rail, which lost more than $100 million in 2001. Canadian Pacific said yesterday it would file its plan in the next 10 days. Canadian National Railway Co. also has expressed interest.
B.C. Rail has had to write down $857 million in assets since the mid-1980s.
Transport Minister Judith Reid said the province wants a private operator to spur development, lower shipping prices and speed deliveries on the 2,250-kilometre line.
The province would retain ownership of B.C. Rail’s land and tracks.