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In 1968 the company was reorganized as the Delaware and Hudson Railway, and was bought by Dereco, a holding company that also owned the Norfolk and Western Railway and Erie Lackawanna Railroad. Following the bankruptcy of numerous northeastern U.S. railroads in the 1970s, N&W abandoned Dereco and EL was placed in the federal government's nascent Consolidated Rail Corporation (Conrail), while D&H was again made an independent railroad. The creation of Conrail also saw D&H receive track age rights over large parts of the Conrail system, which allowed D&H to operate as far south as Philadelphia, PA and Washington, DC, using former Delaware, Lackawanna and Western Railroad and Lehigh Valley Railroad trackage. In 1984, Guilford Rail System purchased the D&H as part of a plan to operate a larger regional railroad from Maine and New Brunswick in the east, to New York and the Midwest in the west, Montreal in the north, and the Philadelphia/Washington DC area in the south. The plan did not come to fruition and Guilford declared the D&H bankrupt in 1988, abandoning its operation. With the D&H in limbo, the federal government appointed the New York, Susquehanna and Western Railroad to operate the D&H under subsidy until such time as a buyer could be found. In 1991, the Canadian Pacific Railway purchased the D&H to give the transcontinental system a connection between Montreal and the New York City metropolitan area. Under CPR, the D&H trackage was upgraded significantly, although for a time, the D&H was again in limbo as CPR placed it and other money-losing trackage in the eastern U.S. and Canada into a separate operating company named St. Lawrence and Hudson Railway between 1996 and 2000. SL&H was merged back into CPR in recent years and the D&H connection to New York City is starting to prove its worth.
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