Piedmont & Northern Railroad (PNRW)

Iowa Pacific Holdings and its subsidiaries had severe financial trouble and held large debts. In 2019 and 2020, many of IPH's subsidiaries were placed into receivership. Along with IPH's subsidiaries facing serious financial trouble, Iowa Pacific's two main rolling stock holding companies, Heritage Rail Leasing and San Luis & Rio Grande Railroad were forced into Chapter 11 bankruptcy and were appointed a trustee by a U.S. bankruptcy court in Denver. [27] Iowa Pacific Holdings itself filed for Chapter 7 bankruptcy in U.S. bankruptcy court in Northern Illinois in late March 2021.[28] As of 2021, Iowa Pacific Holdings former rolling stock and subsidiary railroads have been sold and auctioned off by the appointed trustees