KiwiRail probably won’t be able to restructure its balance sheet this year - a strategy the state-owned railway said in October could see a $6 billion writedown of its commercial assets.

Delayed release from NBR's print edition:

Toll is continuing to reap benefits at the taxpayer's expense and is now looking to take KiwiRail and its weakwilled negotiators to the cleaners, by threatening to pull its business if it doesn't receive freight concessions.

Industry sources have told NBR that Toll is not only threatening to pull all its freight business if it doesn't get its way but is drawing out the negotiations as long as possible to sustain its rates.

 KiwiRail Group's announcement of Jim Quinn as its new group chief executive has surprised industry sources, who expected current acting CEO William Peet to continue in the role.

KiwiRail and Kiwibank chairman Jim Bolger announced Mr Quinn as the new chief executive yesterday.

Mr Bolger has worked closely with Mr Quinn before; Mr Quinn is currently CEO of Express Couriers Limited, a joint venture between New Zealand Post and DHL.

Mr Bolger is chairman of New Zealand Post and Express Couriers.