INDOT was looking to Corridor Capital to take over hoping it could improve service on the Hoosier State Line, but negotiations ended abruptly last weekend.
Just under 34,000 people road the Hoosier State line between Indianapolis and Chicago last year.
Funding for the Hoosier State Line runs out January 1, when another company is set to take over operations from Amtrak.
Officials at Corridor Capital, which is taking over management of the Hoosier State Line, are outlining their plans to improve service.
The extended contract runs through January, when the state hopes to hire a new company to operate the line from Indianapolis to Chicago.
Corridor Capital, a passenger rail development company based in Chicago, has emerged as lead candidate to replace Amtrak as operator of the Hoosier State Line.
Five companies, including Amtrak, have submitted proposals for how they can improve the rail line in an attempt to reduce costs while increasing ridership.
The Indiana Department of Transportation is asking companies for proposals on how they would make the Hoosier State line more cost efficient.
Members of the panel say Amtrak needs to provide a plan to improve service before a long-term agreement is reached.
The state and Amtrak needs to decide the future of the Hoosier State Line by Wednesday when funding runs out.