The line became bankrupt in 1935. It emerged from bankruptcy, albeit reduced in scope, in 1947, only to go bankrupt again in 1961. In 1969, its rail assets were merged with the Penn Central system, formed a year earlier by the merger of the New York Central Railroad and Pennsylvania Railroad. Already a poorly conceived merger, Penn Central proceeded to go bankrupt in 1970, becoming the largest bankruptcy in the U.S. until the Enron Corporation superseded it in 2001. The remnants of the system now comprise Metro-North Railroad's New Haven Line, much of the northern leg of Amtrak's Northeast Corridor, Connecticut's Shore Line East and Hartford Line, parts of the MBTA, and numerous freight operators such as CSX and the Providence and Worcester Railroad. The majority of the system is now owned publicly by the states of Connecticut, Rhode Island, and Massachusetts.