UPDATED: KiwiRail writedown to add $1.8 bln to government operating deficit

Wed, 27 Jun 2012

By Jonathan Underhill June 27 (BusinessDesk) - KiwiRail is to be restructured, with its land holdings shifted to another entity, with a writedown of some $6.7 billion that will result in $1.8 billion being added to the government’s operating deficit this financial year. As part of KiwiRail’s turnaround plan KiwiRail’s freight, infrastructure, passenger and ferry businesses, rolling stock, rail infrastructure, plant and equipment will be transferred to a new state-owned enterprise while NZ railways Corp will hold 18,000 hectares of rail netwo...

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