Railway stocks are suffering as the railroads in western Michigan continue to fall short of their expectations.
Western Michigan Railroad Co. is down about 20% from its June 2016 closing price.
The Detroit Metro-Detroit and Chicago Metropolitan, which are both part of the Western Michigan Railway, are down about 25%.
Eastern Michigan Railway is down 20%.
The Western Michigan, which was founded in 1770, is the second-oldest railroad in the United States and operates the Western & Michigan line.
The Western &am, which is owned by Western Michigan Railways, also operates the Grand Rapids, Michigan, and Detroit-Northeast Michigan lines.
Western &s, which operates the Michigan line, has suffered a series of bankruptcies and closures.
The company announced a $1.2 billion restructuring plan last month.
It is expected to file for Chapter 11 bankruptcy protection in late April.
The company announced the plans during a news conference last month, and then announced the restructuring plans on its website and on its blog.
The companies had $5 billion in assets and $2.4 billion in debt as of June.
The restructuring plan was approved by a board of directors last year.
The Western &ams had been in a slump since it lost more than 30% of its market value in December 2016, according to the Morningstar ratings service.
In its latest annual report, the company said it was “struggling to balance the books” as it cut jobs and laid off staff.
The layoffs and job cuts came as it continued to struggle to get cash from its bonds, which it was unable to pay for the debt.