THE VIRGINIAN-PILOT
Copyright (c) 1996, Landmark Communications, Inc.
DATE: Wednesday, October 23, 1996 TAG: 9610230649
SECTION: BUSINESS PAGE: D1 EDITION: FINAL
LENGTH: 28 lines
Much of the area in Virginia getting telephone service from GTE-South does not qualify for rural status the State Corporation Commission says. The SCC disagrees with the telephone company's contention that it is a rural telephone company under the new federal telecommunications reform act. At least half of the company's 472,000 access lines in eastern and central Virginia are located near major metropolitan areas which include Hampton Roads. The SCC found that only the company's service territory in portions of Buchanan, Tazewell and Bland counties meet the rural area qualification. (Staff) CSX gets $4.8 billion loan for Conrail purchase
CSX Corp. got the financial backing it needs to buy Conrail Inc. Four banks agreed to loan Richmond-based CSX $4.8 billion to help it buy Philadelphia-based Conrail for $8.4 billion. The cash-and-stock merger was announced Oct. 15 and is likely to be opposed by Norfolk Southern Corp. CSX said it wants to negotiate an agreement with Norfolk Southern on the merger. ``We are very encouraged by the early response we are getting from key constituents, including shippers and public officials,'' said CSX Chairman John W. Snow. The banks backing the loan include NationsBank, BankAmerica, the Bank of Nova Scotia and Chase Manhattan Bank. (Staff) by CNB