PORTLAND (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.
Send questions/comments to the editors.
Success. Please wait for the page to reload. If the page does not reload within 5 seconds, please refresh the page.
Enter your email and password to access comments.
Hi, to comment on stories you must . This profile is in addition to your subscription and website login.
Already have a commenting profile? .
Invalid username/password.
Please check your email to confirm and complete your registration.
Only subscribers are eligible to post comments. Please subscribe or login first for digital access. Here’s why.
Use the form below to reset your password. When you've submitted your account email, we will send an email with a reset code.