Railroad Acquisitions LLC, a subsidiary of Fortress Investment Group, won the closed-door bidding for Montreal, Maine and Atlantic Railway, according to one of the losing bidders. The winning bid goes before a U.S. bankruptcy judge in Maine and a Superior Court judge in Quebec on Thursday. The Fortress subsidiary had submitted a bid of $14.25 […]
derailment
Posted inBusiness, Maine, sj-web
‘Multiple bids’ made in auction for Montreal, Maine and Atlantic Railway assets
BANGOR — Multiple parties have made initial bids for the assets of the bankrupt Montreal, Maine and Atlantic Railway ahead of next week’s auction. The deadline for bids on the railroad’s assets was the end of the day Friday. Robert Keach, the railroad company’s trustee in its bankruptcy proceedings, told the Bangor Daily News after […]
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Posted inMaine, sj-web
Cracked wheel may have caused New Brunswick train derailment
Lead investigator Guy Laporte said a crack in a wheel near the front of the train caused the wheel to loosen from the axel, resulting in the derailment of that wheel set. But Laporte said it’s too early to determine what caused the train to leave the tracks late Tuesday derailed in the sparsely populated […]
Posted inBusiness, sj-web
Montreal, Maine and Atlantic Railway rehiring workers thanks to $3 million loan
HERMON — Thanks to a recent $3 million loan, workers are being rehired by the bankrupt railway that owned the runaway train that devastated a Canadian town, killing 47 people, the railway’s court-appointed trustee said Monday. Montreal, Maine and Atlantic Railway secured a $3 million loan from Camden National Bank to allow it to keep […]
Posted inBusiness, Maine, sj-web
CEO of Rail World — Montreal, Maine and Atlantic parent — sits on board of company suing railway in bankruptcy
In what some experts say could be a conflict of interest, the CEO of the Montreal, Maine and Atlantic Railway’s parent company also sits on the board of directors of the railway’s second-largest creditor, which on Tuesday sued to ensure it is first to be paid from MMA’s ongoing bankruptcy proceedings. Ed Burkhardt, CEO of […]
Posted inBusiness, Maine, sj-web
Attorney for Lac-Megantic victims says he will sue Irving over mislabeling of oil in train cars
BANGOR — An Illinois attorney who represents the victims of the Lac-Megantic, Quebec, train disaster and their families said Friday that he will file a lawsuit against Irving Oil Co., the Canadian firm that hired the railroad to ship crude oil to its refinery in New Brunswick. Peter J. Flowers of Chicago, who represents the […]
Posted inNation / World, sj-web
Canadian officials say Quebec Rail crude not properly labeled
OTTAWA — Canada’s transportation safety authority said the crude carried on a train that crashed in Quebec, killing 47 people, should have been labeled as being more dangerous. An unattended Montreal Maine & Atlantic Railway Ltd. train with 72 tankers of crude crashed in the Quebec town of Lac-Megantic in July, causing the worst Canadian […]
Posted inBusiness, sj-web
MMA Railway could be sold by the end of 2013
PORTLAND — The bankrupt railroad whose runaway train killed 47 people in Quebec could be complete by year’s end, the company’s trustee said Thursday. Montreal, Maine & Atlantic Railway has made no secret that its sale will be necessary to repay creditors and victims following the July 6 disaster Lac-Megantic, Quebec. And railroad trustee Robert Keach […]
Posted inBusiness, Maine, sj-web
U.S. Bankruptcy Court asked to handle compensation for victims of Montreal, Maine and Atlantic Railway train disaster
BANGOR — A federal bankruptcy judge could decide how much compensation families of the victims killed by the train crash in Lac-Megantic, Quebec, receive. A motion filed last month in the Montreal, Maine and Atlantic Railway’s bankruptcy petition asked U.S. Bankruptcy Judge Louis Kornrich to appoint a committee to represent wrongful death and personal injury […]
Posted inFranklin, The Franklin Journal
Railway alerts Androscoggin County dispatchers to train derailment
LIVERMORE FALLS — Police were alerted last week that a Pan Am train had derailed across Strickland Loop Road, off Route 106, and a section of rail was broken. Pan Am Railways advised the Androscoggin County dispatch center in Auburn on Aug. 15 at 11:34 p.m. that 10 cars had derailed and they were blocking […]