45 U.S.C. § 1111 — Repealed. Pub. L. 105–134, title IV, § 408,

Page 245 TITLE 45—RAILROADS § 1112 1 See References in Text note below. level of any rate charged by Conrail for the pro- vision of rail service, to limit the amount of any increase in any such rate (including rates main- tained jointly by Conrail and other rail car- riers), or to limit a surcharge or cancellation otherwise lawful under chapter 107 1 of title 49. (Pub. L. 97–35, title XI, § 1159, Aug. 13, 1981, 95 Stat. 682.) Editorial Notes REFERENCES IN TEXT This subtitle, referred to in text, is subtitle E (§§ 1131–1169) of title XI of Pub. L. 97–35, Aug. 13, 1981, 95 Stat. 643, known as the Northeast Rail Service Act of 1981. For complete classification of this subtitle to the Code, see Short Title note set out under section 1101 of this title and Tables. Chapter 107 of title 49, referred to in text, was omit- ted and a new chapter 107 enacted in the general amendment of subtitle IV of Title 49, Transportation, by Pub. L. 104–88, title I, § 102(a), Dec. 29, 1995, 109 Stat. 804, 809. § 1110. Repealed. Pub. L. 99–509, title IV, § 4033(c)(1)(C)(i)(II), Oct. 21, 1986, 100 Stat. 1908 Section, Pub. L. 97–35, title XI, § 1161, Aug. 13, 1981, 95 Stat. 682, related to transfer of Conrail light density rail service lines. § 1111. Repealed. Pub. L. 105–134, title IV, § 408, Dec. 2, 1997, 111 Stat. 2586 Section, Pub. L. 97–35, title XI, § 1163, Aug. 13, 1981, 95 Stat. 685; Pub. L. 99–272, title IV, § 4017(a)(1), Apr. 7, 1986, 100 Stat. 110, related to Northeast Corridor cost dispute. § 1112. Interstate Commerce Commission pro- ceedings (a) Final decisions involving railroads in bank- ruptcy Notwithstanding any other provision of sub- title IV of title 49, in any proceeding before the Commission under section 11324 or 11325 of title 49 involving a railroad in the Region, as defined in section 702 of this title, which was in a bank- ruptcy proceeding under section 77 of the Bank- ruptcy Act on November 4, 1979, the Commission shall, with or without a hearing, issue a final de- cision within a period not to exceed 180 days after receipt of an application under either such section. (b) Final decisions involving profitable railroads Notwithstanding any other provision of sub- title IV of title 49, in any proceeding before the Commission under section 11324 or 11325 of title 49 involving a profitable railroad in the Region, as defined in section 702 of this title, which re- ceived a loan under section 721(a) of this title, the Commission shall, with or without a hear- ing, issue a final decision within a period not to exceed 180 days after receipt of an application under either such section. (c) Interest of United States attaching in bank- ruptcy, liquidation, abandonment, etc. (1) If the Secretary determines under sub- section (b) that there is an agreement between a profitable railroad in the Region (as defined in section 702 of this title) which received a loan under section 721(a) of this title and a prospec- tive purchaser for the sale of such railroad, the Secretary shall limit the interest of the United States in any debt of such a railroad to an inter- est which attaches to such debt in the event of bankruptcy or substantial sale or liquidation of the assets of the railroad. The Secretary may substitute for the evidence of such debt contin- gency notes payable solely from the railroad op- erating assets then securing such debt, includ- ing reinvestments thereof, or such other contin- gency notes as the Secretary deems appropriate and which conform to the terms set forth in this subsection. (2) If the interest of the United States is lim- ited under paragraph (1), any new debt issued by such a railroad subsequent to the issuance of the debt described in paragraph (1) may have such higher priority in the event of bankruptcy, liq- uidation, or abandonment of the assets of such a railroad than the debt described in such para- graph as the Secretary and the railroad may agree. (3) In carrying out the duties under this sub- section, the Secretary may (A) enter into such agreements, (B) in accordance with any such agreements, cancel or cause to be cancelled or amend or cause to be amended any notes or se- curities currently held by agencies or instru- mentalities of the United States, and (C) accept in exchange as substitution therefor such instru- ments evidencing the indebtedness owed to such agencies or instrumentalities as, in the Sec- retary’s judgment, will effectuate the purposes of this subsection. (Pub. L. 97–35, title XI, § 1164, Aug. 13, 1981, 95 Stat. 685; Pub. L. 97–468, title V, § 510, Jan. 14, 1983, 96 Stat. 2554; Pub. L. 104–88, title III, § 331, Dec. 29, 1995, 109 Stat. 953.) Editorial Notes REFERENCES IN TEXT Section 77 of the Bankruptcy Act, referred to in sub- sec. (a), was classified to section 205 of former Title 11, Bankruptcy. The Bankruptcy Act (act July 1, 1898, ch. 541, 30 Stat. 544) was repealed effective Oct. 1, 1979, by Pub. L. 95–598, §§ 401(a), 402(a), Nov. 6, 1978, 92 Stat. 2682, section 101 of which enacted revised Title 11. For cur- rent provisions relating to railroad reorganization, see subchapter IV (§ 1161 et seq.) of chapter 11 of Title 11. AMENDMENTS 1995—Subsecs. (a), (b). Pub. L. 104–88 substituted ‘‘sec- tion 11324 or 11325’’ for ‘‘section 11344 or 11345’’. 1983—Subsec. (c)(1). Pub. L. 97–468, § 510(1), substituted ‘‘bankruptcy or substantial sale’’ for ‘‘bankruptcy, sub- stantial sale,’’ after ‘‘in the event of’’, and in last sen- tence substituted permission for the Secretary to sub- stitute contingency notes for evidence of the debt for the requirement that the Secretary substitute contin- gency notes for evidence of the debt and inserted provi- sion that the contingency notes be payable solely from the railroad operating assets then securing such debt, including reinvestments thereof, or be other contin- gency notes as the Secretary deems appropriate. Subsec. (c)(2). Pub. L. 97–468, § 510(2), substituted per- mission that new debt may have such higher priority in the event of bankruptcy, liquidation, or abandonment of the assets of such a railroad than the debt described in par. (1) as the Secretary and the railroad may agree