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Judges Set to Consider Winning Bid for Railway

| January 23, 2014

Train Tracks

PORTLAND, Maine (AP) – Judges in the U.S. and in Canada are set to consider the winning bid for Montreal, Maine and Atlantic Railway. Dual proceedings were set for Thursday following an auction in which a subsidiary of Fortress Investment Group bid $15.9 million for M.M. & A. 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.

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