St. Paul-to-Chicago Amtrak Borealis sidelined by corrosion
An inspection uncovered corrosion on several of the railcars used on the new Amtrak Borealis line from downtown St. Paul to Chicago, leading to the decision to remove them from service on Wednesday and shuttle passengers by bus in both directions. It's unclear when Amtrak will resume rail trips.
Amtrak officials issued a statement Wednesday indicating they worked with the manufacturer of the Horizon railcars and 'decided to remove the equipment from service after learning of additional areas of concern from intensive inspections of multiple cars.'
The decision impacts service on multiple Amtrak lines to varying degrees, including the Downeaster, Hiawatha, Borealis and Amtrak Cascades. Some trains, such as the Downeaster, will operate with fewer cars, while 'other services will be provided substitute transportation until a long-term plan is developed,' reads the statement.
The Borealis runs round-trips daily between Chicago and St. Paul through Milwaukee, and Hiawatha operates daily with multiple trips between Chicago and Milwaukee. On Wednesday, about half of the Hiawatha departures were replaced by chartered buses as substitute transportation, as were departures in both directions for the Borealis.
The Empire Builder service that stops in St. Paul as its travels from Seattle or Portland, Ore. to Chicago was not impacted. An Amtrak spokesperson on Wednesday said no other information was available.
After years of clamoring for a second daily round-trip from Minnesota's capital city to Chicago, the Borealis launched last May.
Amtrak indefinitely replacing its St. Paul-Chicago Borealis service with buses
Minneapolis-St. Paul International Airport upgrading snow removal equipment
Could the Gold Line spur economic development? Some say it already has.
Delta plane from MSP that flipped in Toronto showed high rate of descent, initial report says
St. Paul-to-Woodbury Gold Line is ready to roll on dedicated lanes. Here are things to know.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Wire
5 hours ago
- Business Wire
Horizon Technology Finance Appoints Paul Seitz as Chief Investment Officer
FARMINGTON, Conn.--(BUSINESS WIRE)--Horizon Technology Finance Corporation (NASDAQ: HRZN) ('Horizon' or 'HRZN') (the 'Company'), an affiliate of Monroe Capital, and a leading specialty finance company that provides capital in the form of secured loans to venture capital and private equity backed and publicly traded companies in the technology, life science, healthcare information and services, and sustainability industries, announced today that it has appointed Paul Seitz as its new Chief Investment Officer. Concurrently, Daniel Devorsetz has stepped down as Chief Operating Officer and Chief Investment Officer, but will remain involved with the Company through September 2025. 'We are thrilled to welcome Paul as our new Chief Investment Officer,' said Michael P. Balkin, Chief Executive Officer of Horizon. 'Paul has a proven track record of building high-quality, tech-focused portfolios from his time at Monroe Capital, and his deep expertise in software underwriting makes him the ideal choice to lead our next phase of growth. Paul will also further enhance the relationship between Horizon and Monroe, enabling us to further leverage Monroe's broader capabilities and infrastructure as we seek to deliver meaningful value to our shareholders. I also want to express our sincere gratitude to Dan Devorsetz for his invaluable contributions over the past two decades. Dan's leadership and insight have been instrumental in building Horizon into the Company it is today.' Mr. Seitz joins Horizon from Monroe Capital, where he served as Managing Director and Head of Software Underwriting. During his tenure, Paul was responsible for leading and managing the underwriting process within the software, technology and tech-enabled services industry, focusing on pre-IPO and growth-stage technology companies, managing a portfolio of loan transactions, and various account management functions. He started at Monroe in 2019 and brings over 10 years of experience in technology lending and investing. Prior to Monroe, Mr. Seitz was a Vice President at TriplePoint Capital, covering both the North American and European markets, and was responsible for identifying and evaluating investment opportunities, due diligence, market research, financial modeling and business model analysis. His experience also includes roles at NXT Capital, as Senior Analyst on the Venture Finance team, and Duff & Phelps as an Analyst. Mr. Seitz earned his B.S. in Finance from Penn State. About Horizon Technology Finance Horizon Technology Finance Corporation (NASDAQ: HRZN), externally managed by Horizon Technology Finance Management LLC, an affiliate of Monroe Capital, is a leading specialty finance company that provides capital in the form of secured loans to venture capital and private equity backed companies and publicly traded companies in the technology, life science, healthcare information and services, and sustainability industries. The investment objective of Horizon is to maximize its investment portfolio's return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Horizon is headquartered in Farmington, Connecticut, with a regional office in Pleasanton, California, and investment professionals located throughout the U.S. Monroe Capital is a premier asset management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, opportunistic, structured credit, real estate and equity. To learn more, please visit Forward-Looking Statements Statements included herein may constitute 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Horizon's filings with the Securities and Exchange Commission. Horizon undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
Yahoo
5 hours ago
- Yahoo
Horizon Technology Finance Appoints Paul Seitz as Chief Investment Officer
FARMINGTON, Conn., June 09, 2025--(BUSINESS WIRE)--Horizon Technology Finance Corporation (NASDAQ: HRZN) ("Horizon" or "HRZN") (the "Company"), an affiliate of Monroe Capital, and a leading specialty finance company that provides capital in the form of secured loans to venture capital and private equity backed and publicly traded companies in the technology, life science, healthcare information and services, and sustainability industries, announced today that it has appointed Paul Seitz as its new Chief Investment Officer. Concurrently, Daniel Devorsetz has stepped down as Chief Operating Officer and Chief Investment Officer, but will remain involved with the Company through September 2025. "We are thrilled to welcome Paul as our new Chief Investment Officer," said Michael P. Balkin, Chief Executive Officer of Horizon. "Paul has a proven track record of building high-quality, tech-focused portfolios from his time at Monroe Capital, and his deep expertise in software underwriting makes him the ideal choice to lead our next phase of growth. Paul will also further enhance the relationship between Horizon and Monroe, enabling us to further leverage Monroe's broader capabilities and infrastructure as we seek to deliver meaningful value to our shareholders. I also want to express our sincere gratitude to Dan Devorsetz for his invaluable contributions over the past two decades. Dan's leadership and insight have been instrumental in building Horizon into the Company it is today." Mr. Seitz joins Horizon from Monroe Capital, where he served as Managing Director and Head of Software Underwriting. During his tenure, Paul was responsible for leading and managing the underwriting process within the software, technology and tech-enabled services industry, focusing on pre-IPO and growth-stage technology companies, managing a portfolio of loan transactions, and various account management functions. He started at Monroe in 2019 and brings over 10 years of experience in technology lending and investing. Prior to Monroe, Mr. Seitz was a Vice President at TriplePoint Capital, covering both the North American and European markets, and was responsible for identifying and evaluating investment opportunities, due diligence, market research, financial modeling and business model analysis. His experience also includes roles at NXT Capital, as Senior Analyst on the Venture Finance team, and Duff & Phelps as an Analyst. Mr. Seitz earned his B.S. in Finance from Penn State. About Horizon Technology Finance Horizon Technology Finance Corporation (NASDAQ: HRZN), externally managed by Horizon Technology Finance Management LLC, an affiliate of Monroe Capital, is a leading specialty finance company that provides capital in the form of secured loans to venture capital and private equity backed companies and publicly traded companies in the technology, life science, healthcare information and services, and sustainability industries. The investment objective of Horizon is to maximize its investment portfolio's return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Horizon is headquartered in Farmington, Connecticut, with a regional office in Pleasanton, California, and investment professionals located throughout the U.S. Monroe Capital is a premier asset management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, opportunistic, structured credit, real estate and equity. To learn more, please visit Forward-Looking Statements Statements included herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Horizon's filings with the Securities and Exchange Commission. Horizon undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release. View source version on Contacts Investor Relations:ICRGarrett Edsonir@ (646) 200-8885 Media Relations:ICRChris GillickHorizonPR@ (646) 677-1819 Sign in to access your portfolio
Yahoo
15 hours ago
- Yahoo
More than £1 billion paid to those wronged by Horizon scandal, Government says
More than £1 billion has been paid in financial redress to subpostmasters wronged by the Horizon IT scandal, the Government has said. The Department for Business and Trade (DBT) said money has now been paid out to more than 7,300 subpostmasters across all Horizon-related redress schemes. The announcement comes just weeks after lead campaigner and former subpostmaster Sir Alan Bates said the schemes had 'turned into quasi-kangaroo courts'. Sir Alan told the Sunday Times last month that DBT 'sits in judgement of the claims and alters the goal posts as and when it chooses'. Between 1999 and 2015, more than 900 subpostmasters were prosecuted after faulty Horizon accounting software made it look as though money was missing from their accounts. Many are still awaiting compensation. In figures published on Monday, DBT said £559 million has been paid out to 6,337 claimants from the Horizon shortfall scheme. The data also says that of the 555 people who joined Sir Alan Bates in taking the Post Office to court between 2017 and 2019, also known as the Group Litigation Order Scheme (GLO), 488 have received £167 million between them. Elsewhere, £245 million has been paid out to 463 subpostmasters who had their convictions quashed by legislation put in place last summer, and £68 million has been paid to those who have had their convictions quashed in the courts, DBT said. Post Office minister Gareth Thomas said: 'Since entering Government, it has been our priority to speed up the delivery of compensation to victims of the Horizon scandal and today's milestone shows how much progress has been made. 'We are settling cases every day and getting compensation out more quickly for the most complex cases, but the job isn't done until every postmaster has received fair and just redress.' Post Office chief executive Neil Brocklehurst said: 'I welcome the news that over £1 billion has been paid to victims of the Horizon IT Scandal. 'Each week we are seeing more people receive their final settlements so they can begin to look beyond this painful chapter of their lives. 'However, I am also aware that more work remains to be done so that all victims receive full redress as quickly as possible and this is an absolute priority for the Post Office. 'And finally, to anyone else who thinks they may have been affected, I encourage you to come forward and apply for redress.'
