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.

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