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) June 11, 1998
Illinois Central Corporation
Exact name of Registrant as specified in its charter
Delaware 1-10720 13-3545405
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
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 Items
On June 11, 1998, an $8 million ship unloading crane manufactured for IC
RailMarine Terminal Company ("ICRMT") Convent, Louisiana collapsed and fell from
the dock into the Mississippi River. ICRMT, an import/export, dry-bulk handling
terminal, is an indirect, wholly owned subsidiary of Illinois Central
Corporation (the "Company"). The crane was being load and stability tested as
part of the installation by the manufacturer. The exact cause of the accident is
unknown and being investigated.
The manufacturer is a joint venture between an Austrian company and a Slovenian
company. The crane, delivered to ICRMT's dock on March 31, 1998, was under the
control of the manufacturer at the time of the incident, and had not been
accepted by ICRMT. The incident resulted in one fatality and seven injuries, one
serious.
ICRMT will not be fully operational until a replacement crane is operational.
Various options are being examined. A new crane may be available in
approximately fifteen to eighteen months. A reworked used crane, or mobile
harbor crane, could be employed in approximately six to eight months.
All insurers, underwriters, indemnifying parties and governmental authorities
have been notified of the incident.
While loss of the crane will have a material impact on the operations of ICRMT
until replaced, neither the loss of the crane nor the disruption to operations
of ICRMT will have a material impact on the Company.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereto duly authorized.
ILLINOIS CENTRAL CORPORATION
/s/JOHN V. MULVANEY
John V. Mulvaney
Vice President and Chief Financial Officer
Date: July 1, 1998
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