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. The loan is structured as a revolving line of credit up to $3 million and may be used only as working capital, according to court documents. […]
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Posted inBusiness, sj-web
Bankruptcy judge to decide whether victims of Quebec train explosion have voice in proceedings
BANGOR — A federal bankruptcy judge will consider Tuesday pending motions in the Montreal, Maine and Atlantic Railway bankruptcy, including one that would allow victims of the devastating crash in Lac-Megantic, Quebec, Canada, that left 47 dead to be represented in the proceedings. U.S. Bankruptcy Judge Louis Kornreich is expected to decide whether an unofficial […]
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Judge rules on railway’s bankruptcy filing after Lac-Megantic disaster
BANGOR, Maine — A federal judge Wednesday approved a set of cross-border protocols that will allow coordination of the separate bankruptcy cases filed by the Montreal, Maine and Atlantic Railway in Canada and the United States. A Canadian judge was scheduled Wednesday to consider a motion to adopt the protocols. U.S. Bankruptcy Judge Louis Kornreich […]
Posted inBusiness, Maine, sj-web
U.S. Bankruptcy Court asked to handle compensation for victims of Montreal, Maine and Atlantic Railway train disaster
BANGOR — A federal bankruptcy judge could decide how much compensation families of the victims killed by the train crash in Lac-Megantic, Quebec, receive. A motion filed last month in the Montreal, Maine and Atlantic Railway’s bankruptcy petition asked U.S. Bankruptcy Judge Louis Kornrich to appoint a committee to represent wrongful death and personal injury […]
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Quebec train fire victims seek U.S. bankruptcy role
BANGOR (AP) — Survivors of more than 30 people killed when an oil train derailed in Quebec in July are seeking a role in the U.S. bankruptcy case of the company whose train caused the disaster. The motions filed last week in U.S. Bankruptcy Court ask for the creation of committee to represent wrongful-death and […]
Posted inBusiness, sj-web
Portland lawyer named as trustee during Montreal, Maine and Atlantic bankruptcy
PORTLAND — A Portland attorney has been named trustee of the Montreal, Maine and Atlantic Railway as the company works through its bankruptcy proceedings. The U.S. Trustees Office on Wednesday named Robert Keach, an attorney at Bernstein Shur in Portland, to be MMA’s trustee. MMA filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court in […]
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Montreal, Maine & Atlantic railroad files for bankruptcy
BANGOR — The Maine-based railroad whose oil train caused a fire and explosion that claimed 47 lives in a small town in Quebec has filed for bankruptcy protection. Montreal, Maine and Atlantic filed for Chapter 11 bankruptcy protection on Wednesday. Company Chairman Ed Burkhardt said previously that a bankruptcy filing was likely because of service […]
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Detroit: once-mighty Motor City files for bankruptcy
DETROIT (AP) — Once the very symbol of American industrial might, Detroit became the biggest U.S. city to file for bankruptcy Thursday, its finances ravaged and its neighborhoods hollowed out by a long, slow decline in population and auto manufacturing. The filing, which had been feared for months, put the city on an uncertain course […]