The Maine Public Broadcasting Network
Listen Live
Classical 24
Search
Judges to Consider Bid for Bankrupt Railroad
01/23/2014 09:53 AM ET  

Proceedings in Maine and Canada were set for today following an auction in which a subsidiary of Fortress Investment Group bid $15.9 million for Montreal, Maine and Atlantic Railway.

PORTLAND, Maine (AP) _ Judges in the U.S. and in Canada are set to consider the winning bid for a Maine-based railroad that went bankrupt after a fiery oil train derailment in Canada.

Dual proceedings were set for Thursday following an auction in which a subsidiary of Fortress Investment Group bid $15.9 million for Montreal, Maine and Atlantic Railway. A U.S. Bankruptcy Court judge in Bangor, Maine, and a Superior Court judge in Quebec must sign off on the deal.

The company owns about 500 miles of track in Maine, Vermont and Canada.

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


 

ReturnReturn!



Become a Fan of the NEW MPBNNews Facebook page. Get news, updates and unique content to share and discuss:

Recommended by our audience on Facebook:
Copyright © 2014 Maine Public Broadcasting Network. All rights reserved.