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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 29, 1995
Illinois Central Railroad Company
Exact name of Registrant as specified in its charter
Delaware 1-7092 36-2728842
(State or other (Commission (IRS Employer
jurisdiction of File No.) Identification No.)
incorporation)
455 North Cityfront Plaza Drive, Chicago, Illinois 60611-5504
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (312) 755-7500
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Item 5. Other Events
The Company has reached an agreement with the United Transportation
Union (UTU), subject to a ratification vote by approximately 700 UTU
members. The agreement includes a one-time payment of $60,000 per
trainman for the elimination of annual productivity fund payments. The
Company estimates that a special pre-tax charge of approximately $13.5
million will be recorded in the fourth quarter of 1995 to cover the cost
of these payments. Upon ratification, a pre-tax cash payment in excess of $42
million will be made in early 1996.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant as duly caused this report to be signed on
its behalf by the undersigned hereto duly authorized.
ILLINOIS CENTRAL RAILROAD COMPANY
/s/JOHN V. MULVANEY
John V. Mulvaney
Controller
Date: November 29, 1995
