JUSTICE REHNQUIST delivered the opinion for the Court.
In March 1975, the Chicago, Rock Island and Pacific Railroad Co. (Rock Island) petitioned the United States District Court for the Northern District of Illinois for reorganization under § 77 of the Bankruptcy Act of 1898, as added, 47 Stat. 1474, and amended, 11 U. S. C. § 205. Under the protection of § 77, the Rock Island continued to operate for approximately four and one-half years until it ceased...
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