PORTLAND — The sale of the Maine-based railroad responsible for a deadly oil train derailment in Quebec is due to completed next week.
Chapter 11 trustee Robert Keach said Thursday that the $15.85 million sale of Montreal, Maine and Atlantic Railway will close on May 15. A bankruptcy judge gave permission to delay a separate Canadian transaction, allowing a few more days for the buyer to receive a certificate of fitness from the Canadian government.
The bankrupt railroad is being sold to a subsidiary of New York-based Fortress Investment Group to help pay off creditors.
The buyer plans to change the railroad’s name to Central Maine and Quebec Railway. The company said it hopes to recapture lost business but has no plans to try to bring back oil shipments.
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.