PORTLAND — A group of Maine-based creditors has asked a Delaware court to move the bankruptcy case of Great Northern Paper Co. to Maine, where an attorney said 56 percent of the 1,159 creditors are located. But the Delaware trustee now handling the case plans to oppose that measure, arguing that he has administered bankruptcies […]
bankruptcy
Posted inOxford Hills
Oxford car dealership announces $2 million expansion, jobs to be added
OXFORD — Goodwin Chevrolet Buick is set to build an all-new $2 million facility along Route 26. The company has received town approval to construct a 13,776-square-foot building at 1606 Main St. that redesigns its showroom and offices while adding additional service bays. The expansions should create three new technician positions, according to General Manager Jeanette Downing. “We […]
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Posted inMaine, sj-web
New owner, new name: MMA to become the Central Maine and Quebec Railway
HERMON — Once the sale of the bankrupt Montreal, Maine and Atlantic Railway is complete, that name will be filed away in the history books. Railroad Acquisition Holdings, the affiliate of New York-based investment firm Fortress Investment Group that is in the process of buying Montreal, Maine and Atlantic Railway out of bankruptcy, will change […]
Posted inBusiness, Maine, sj-web
Wrongful death claimants in Lac-Megantic disaster want George Mitchell to oversee allocation of railroad’s funds
BANGOR — A Chicago law firm on Wednesday filed a proposal that would appoint former U.S. Sen. George J. Mitchell to oversee the allocation of available funds in the Montreal, Maine and Atlantic Railway’s bankruptcy case to the victims who have filed wrongful death and personal injury claims. The firm Meyers & Flowers filed the […]
Posted inBusiness, Maine, sj-web
After bankruptcy sale, what’s next for beleaguered Montreal, Maine and Atlantic Railway?
The sale of the bankrupt Montreal, Maine and Atlantic Railway is all but certain at this point, but the buyer — Fortress Investment Group — remains mum on its reasons for wanting to acquire the bankrupt railroad or its future plans. While Fortress may not be talking, the Bangor Daily News is able to piece […]
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 […]
Posted inMaine, sj-web
Auction for railroad in Quebec derailment gets OK
PORTLAND (AP) — As the first trains rolled into a Quebec town devastated by a derailment and fire that killed 47 people, a federal bankruptcy judge approved bidding procedures Wednesday for the auction of the Maine-based railroad that owned the train. The action in a courtroom in Bangor came on the same day the first […]
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, sj-web
Bankruptcy judge approves $3 million loan for railway
BANGOR — A U.S. Bankruptcy Court judge Wednesday approved a $3 million loan from Camden National Bank that will allow the Montreal, Maine and Atlantic Railway to continue operating with two-man crews running the trains. Canadian authorities in August ordered the railroad to use two-man crews for all hazardous material transportation in response to the […]