January 13

Bids due this week for bankrupt Montreal, Maine & Atlantic railroad

The minimum bid is $15.7 million for the railroad responsible for the July disaster in Lac-Megantic, Quebec, that killed 47 people.

The Associated Press

PORTLAND — Parties interested in buying the bankrupt railroad responsible for a disaster that killed 47 people in Canada have until the end of the week to submit bids.

The minimum bid for Maine-based Montreal, Maine and Atlantic Railways is $15.7 million, which reflects an initial “stalking horse” bid by Railroad Acquisition Holdings LLC. If additional bids are submitted by Friday’s deadline, then there will be a closed-door auction later this month in Portland.

Trustee Robert Keach said the railroad’s operations including 480 miles of track in Maine, Vermont and Canada will be sold in a way that allows the rail service to continue.

MM&A filed for bankruptcy after the July derailment in Lac Megantic, Quebec, which was caused after a train with 72 oil tankers began rolling after being left unattended.

Were you interviewed for this story? If so, please fill out our accuracy form

Send question/comment to the editors




Further Discussion

Here at OnlineSentinel.com we value our readers and are committed to growing our community by encouraging you to add to the discussion. To ensure conscientious dialogue we have implemented a strict no-bullying policy. To participate, you must follow our Terms of Use.

Questions about the article? Add them below and we’ll try to answer them or do a follow-up post as soon as we can. Technical problems? Email them to us with an exact description of the problem. Make sure to include:
  • Type of computer or mobile device your are using
  • Exact operating system and browser you are viewing the site on (TIP: You can easily determine your operating system here.)