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MM&A Auction Could Happen Next Week

| January 17, 2014

Montreal Maine Atlantic

PORTLAND, Maine (AP) – Montreal, Maine & Atlantic, the Maine-based railroad that declared bankruptcy after one of its trains caused a disaster that killed 47 people in Canada, will go up for auction on Tuesday if additional bidders are deemed to be qualified.
Trustee Robert Keach said one additional bid had been received before Friday’s deadline and that at least one more bid was anticipated.

That makes it likely that there will be an auction. But first, Keach said he’ll first have to evaluate the bids and determine that they’re qualifying bids.

The minimum bid is $15.7 million, which reflects an initial “stalking horse” bid by Railroad Acquisition Holdings LLC. 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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