 The Penn Central declared bankruptcy in 1970 but continued to operate trains until 1976, when the company's railroad assets were sold under the Railroad Revitalization and Regulatory Reform Act.Under the new law, Congress authorized the sale of the PB&W right-of-way between Philadelphia and Washington, and related assets (such as the Washington Terminal Company), to Amtrak.Other PB&W assets, including almost all of the PCC&StL (Pan Handle), were sold to the new Consolidated Rail Corporation (Conrail).