Following CN's privatization in 1995, the company undertook a network rationalization program which made the IRC line between Moncton and Rivière-du-Loup, along with its trackage on the Gaspé Peninsula, redundant and it was sold in 1998 to short line operator Quebec Railway Corporation which operated for a time the New Brunswick East Coast Railway and associated subsidiaries. The ICR line from Truro to Sydney was sold to a short line operator, the Cape Breton and Central Nova Scotia Railway, in 1993.