Created by the federal government on April 1,1976 seven bankrupt northeastern railroads: The Penn Central,Central of New Jersey,Reading, Erie Lackawana,Lehigh &Hudson, Pennsylvania Reading Seashore Lines and Lehigh Valley were merged into one company - Conrail. On March 28,1987 Conrail was sold by the Government to private investors. CSX and Norfolk Southern railroad became interested in buying Conrail during 1997. June 1,1999 became Conrail's last day of operations as an independent railroad with 45% going to CSX and 55% to NS. Conrail still has operations in three Shared Assets Area's, North Jersey, Detroit and South Jersey/Philadelphia as an agent for their parent railroads.