Pan Am Railways, Inc. (PAR) is a subsidiary of CSX Corporation that operates Class II regional railroads covering northern New England from Mattawamkeag, Maine, to Rotterdam Junction, New York. Pan Am Railways is primarily made up of former Class II regional railroads such as Boston and Maine Corporation, Maine Central Railroad Company, Portland Terminal Company, and Springfield Terminal Railway Company. It was formerly known as Guilford Transportation Industries and was also known as Guilford Rail System. Guilford bought the name, colors, and logo of Pan American World Airways in 1998. The company is a subsidiary of CSX Corporation under rail subsidiary CSX Transportation since June 1, 2022, Pan Am Railways former parent company was Portsmouth, New Hampshire-based Pan Am Systems. It was headquartered in Iron Horse Park in North Billerica, Massachusetts. Pan Am Railways parent Pan Am Systems was put up for sale in July 2020. On November 30, 2020, CSX Corporation announced that it had signed a definitive agreement to purchase Pan Am Systems. The sale of Pan Am Systems to CSX underwent regulatory review by the Surface Transportation Board, which approved the sale on April 14, 2022. At midnight on June 1, 2022, CSX Corp began operating Pan Am Railways as a subsidiary of CSX Transportation; Pan Am Systems ceased operations. History Guilford Beginning The company was founded in May 1981 as Guilford Transportation Industries by Timothy Mellon, who quickly looked to form a railroad company in the Northeast through purchasing some of the area's bankrupt railroads. The company began by purchasing the Maine Central Railroad that same year, and also announced it was interested in purchasing the bankrupt Boston and Maine, making an offer that year. The company's purchase of the B&M was approved in 1983, adding it to Guilford's network. Even as the B&M purchase was still pending, Guilford announced it intended to purchase the Delaware and Hudson Railway from its then owner Norfolk and Western Railway on September 1, 1981, marking the company's third acquisition. The next month, Timothy Mellon made an offer of $500,000 for the entirety of the D&H's stock, which was identical to the amount the Norfolk and Western had paid to buy the D&H in 1968. Both the D&H's directors and Norfolk and Western accepted the offer, in part to remove a potential obstacle to the pending merger between the N&W and the Southern Railway. Expansion attempt In 1985, Guilford entered