MUNSTER, Ind. (AP) — A group has failed to appeal in federal court the rejection of its application to construct a more than 260-mile freight railroad from northern Indiana to southeastern Wisconsin.

Great Lakes Basin Transportation had 60 days starting Aug. 31 to appeal the Surface Transportation Board's decision, The (Northwest Indiana) Times reported .

The board said it rejected the company's $2.8 billion plan because it didn't provide accurate financial information. Company officials had previously said that potential investors were waiting for the project to receive federal approval before committing to it.

The railroad would've provided freight trains a path around Chicago that would've allowed them to avoid the congested city. The plan also called for 26 connections to existing railroads. The line would've be able to support as many as 110 trains a day, according to the application.

"The failure of GLBT to appeal certainly brings an end to the current proceeding," said Howard Learner, the executive director of the Chicago-based Environmental Law & Policy Center, which fought against the transportation group in court.

The company would have to submit a new application with all the financial information it didn't provide in the rejected application, he said. The company could also petition the board for administrative reconsideration, but a petition would need to show "material error, new evidence, or substantially changed circumstances" from the original ruling.

Frank Patton founded Great Lakes Basin Transportation in 2011.

Company officials declined to comment to the newspaper about future plans.

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Information from: The Times, http://www.nwitimes.com