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Auction OK'd for Railroad in Quebec Derailment
12/18/2013 12:43 PM ET  

In addition to a "stalking horse" bid of $14.25 million, there are about a dozen interested buyers for the Montreal, Maine and Atlantic Railways, and there could be additional bids next month.

BANGOR, Maine (AP) _ A bankruptcy judge in Maine has approved bidding procedures for the sale of the bankrupt railroad at the heart of an oil train derailment that claimed 47 lives in Quebec.

The judge in Bangor, Maine, approved the process Wednesday. The same day, Montreal, Maine and Atlantic Railways trains rolled into Lac Megantic, Quebec, for the first time since the July disaster in which an unmanned train with 72 oil tankers derailed, causing an explosion and fire.

In Lac Megantic, Mayor Colette Roy-Laroche said the restoration of rail service will happen slowly. No dangerous substances will be transported through the town.

There's already a ``stalking horse'' bid of $14.25 million for the bankrupt railroad. But there are about a dozen interested buyers and there could be additional bids next month.


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