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Montreal, Maine and Atlantic Remains Afloat….For Now

| October 10, 2013

Montreal Maine Atlantic

BANGOR, Maine (AP) – A federal judge has approved a $3 million loan to allow a beleaguered Maine-based railroad to stay afloat while its assets are sold during bankruptcy proceedings.
Judge Louis Kornreich on Wednesday approved the loan from Camden National Bank to Montreal, Maine and Atlantic Railway, which is going through bankruptcy after one of its trains crashed and exploded this summer in the small Quebec town of Lac-Megantic (lak may-gahn-TEEK’), killing 47 people.

Attorney Michael Fagone tells Maine Public Broadcasting Network that the financing is critical in allowing his client to continue operating while the bankruptcy trustee explores a sale of the railroad.

Lawyer Robert Keach, who’s serving as trustee, says eight companies have expressed an interest in buying the railroad.

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