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Montreal, Maine and Atlantic Railways for Sale

| January 13, 2014

Train Derailment

PORTLAND, Maine (AP) – Anyone interested in buying the Maine based Montreal, Maine and Atlantic Railways has until the end of the week to submit bids. ┬áThe bankrupt railroad was responsible for a disaster that killed 47 people in Canada. The minimum bid for MM&A is $15.7 million, which reflects an initial “stalking horse” bid by Railroad Acquisition Holdings LLC. If additional bids are submitted by Friday’s deadline, then there will be a closed-door auction later this month in Portland. Trustee Robert Keach said the railroad’s operations including 480 miles of track in Maine, Vermont and Canada will be sold in a way that allows the rail service to continue. MM&A filed for bankruptcy after the July derailment in Lac Megantic, Quebec, which was caused after a train left unattended with 72 oil tankers began rolling.

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