KiwiRail to lose land in restructure that wipes $6.7B from assets, puts shine on returns

KiwiRail to lose land in restructure that wipes $6.7B from assets, puts shine on returns
By Jonathan Underhill June 27 (BusinessDesk) - KiwiRail is to be restructured, with its land holdings shifted to another entity, resulting in a write-down of some $6.7 billion and allow the state-owned railroad to produce better returns. KiwiRail has gained government approval to pour its rail and ferry operating assets into a SOE while Crown land held for rail purposes will be held by NZ Railways Corp. This will result in the commercial arm of KiwiRail carrying assets of between $1.1 billion and $1.3 billion, down from about $7.8 billion cur...