Tranz Rail, formally Tranz Rail Holdings Limited (formerly New Zealand Rail Limited until 1995), was the the main rail operator in New Zealand from 1995 until it was purchased by Toll Holdings in 2003. Formation On 28 October 1990 the New Zealand government removed core rail transport and shipping operations from the New Zealand Railways Corporation, creating a separate entity called New Zealand Rail Limited. The government wrote off NZ$1.3 billion in debt acquired by the company from the Railw… (More on Tranzrail)