Penn Central Transportation Company
| Company Deal | $100,000,000 trustees' certificates |
|---|---|
| Transaction Type | Trustees Certificates |
| Deal Description | Penn Central Transportation Company filed a petition for its reorganization that was approved, and following legal steps, the court authorized the issuance of the certificates by Trustees. The certificates were to be treated as an expense of administration and received the highest lien on the Penn Central's property and priority in payment under the Bankruptcy Act. |