ALAMOSA, Colo.–(BUSINESS WIRE)–A federal judge has approved the Soloviev Group’s purchase out of bankruptcy of the San Luis & Rio Grande Railroad pursuant to a November 17th auction.
The company’s winning bid of $10.7 million by the group through its subsidiary KCVN LLC was nearly double the opening auction bid.
The line is about 150 miles long, radiating in three directions from Alamosa, Colorado, with connection to larger railroads at Walsenburg, Colorado. Freight traffic includes grain, minerals, rock products, and farm produce.
Operating across the La Veta Pass at an elevation of 9242 feet, it is the highest railroad in the United States. The railroad first reached Alamosa as a narrow-gauge line built by the Denver & Rio Grande Railroad in 1878, and has been in continuous operation ever since.
“We look forward to working with shippers in the territory served by the line to meet their agricultural and other transport needs efficiently and cost-effectively. We are planning significant upgrades to the service so the line can operate at the highest possible level of efficiency,” said Stefan Soloviev, chairman of the Soloviev Group.
The Soloviev Group also owns and operates the Colorado Pacific Railroad, from a point east of Pueblo, Colorado, to the Kansas state line. Both railroads heavily serve agricultural interests.
The parent company is one of the largest landowners in America, owning or controlling more than a half million acres of farm and ranchland located primarily in Colorado, Kansas and New Mexico.
“The Soloviev Group looks forward to serving the needs of agricultural and other freight customers in the five-county area served by the San Luis & Rio Grande Railroad and will be involved and work with the local communities,” Soloviev said.
About the Soloviev Group
The Soloviev Group is the holding company for several businesses operated by Stefan Soloviev. (For more information see: LEADERS Interview with Stefan Soloviev, Chairman, Soloviev Group (leadersmag.com.) The Soloviev Group encompasses divisions that include Realty and Development, Hospitality, Transportation & Railroad, and Agriculture & Ranching operations.
The company operates in New York City, and on the East End of Long Island, including Shelter Island, and also owns Crossroads Agriculture, a large-scale integrated farming and ranching operation based in Colorado, Kansas and New Mexico. That company is one of the country’s largest privately held agribusinesses. Soloviev is the 26th-largest landowner in the United States. For more information, go to https://solovievgroup.com.
Contacts
For more information contact:
Jonathan Dedmon
The Dilenschneider Group
786-536-7074
[email protected]
