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Winning Bid for Maine Railroad: $15.9 Million
01/22/2014 03:00 PM ET  

Chapter 11 trustee Robert Keach filed documents today, outlining details a day before the winning bid is scheduled to go before judges in Maine and Quebec.

PORTLAND, Maine (AP) _ The Chapter 11 trustee says the winning bid for a Maine-based railroad that went bankrupt after a fiery oil train derailment in Canada amounted to nearly $15.9 million.

Robert Keach filed documents Wednesday outlining details a day before the winning bid goes before a U.S. bankruptcy judge in Maine and a Superior Court judge in Quebec.

Winning bidder Railroad Acquisitions LLC, a subsidiary of Fortress Investment Group, also served as the ``stalking horse'' bidder, setting a minimum bid for Montreal, Maine and Atlantic Railways. Eastern Maine Railway and Springfield Terminal Railway bid on the Maine track. Another company bid for a smaller portion of track.

Proceeds from the company's sale will be used to repay creditors and victims, supplementing $25 million in insurance payouts available following the disaster.


 

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