Rail Restructuring Assistance Act of 1979

[AI summary unavailable — showing source text] Rail Restructuring Assistance Act of 1979 - Amends the Railroad Revitalization and Regulatory Reform Act of 1976 to authorize the Secretary of Transportation to provide financial assistance through repayable credits constituting a debt or equity financing to any class I railroad (except ConRail) or subsidiary thereof to pay any share of the cost of restructuring its facilities and acquiring securities pursuant to such a restructuring. Stipulates that such assistance shall only be made available if: (1) it will result in significant restructuring and such restructuring could not be achieved without such assistance; and (2) the railroad has agreed to a restructuring plan in accordance with the provisions of this Act or the assistance will be used with respect to activities relating to a unification or coordination of operations and facilities of two or more railroads under the Department of Transportation Act. Authorizes the Secretary to provide financial assistance to any class I railroad (other than ConRail) to cover up to 100 percent of the railroad's payments to any employee or former employee to whom the railroad is obligated to make payments under a labor-management agreement w…