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 […]
Lac-Megantic
Posted inBusiness, sj-web
Bids due this week for bankrupt Montreal, Maine and Atlantic Railways
PORTLAND (AP) — Parties interested in buying the bankrupt railroad responsible for a disaster that killed 47 people in Canada have until the end of the week to submit bids. The minimum bid for Maine-based Montreal, Maine and Atlantic Railways is $15.7 million, which reflects an initial “stalking horse” bid by Railroad Acquisition Holdings LLC. […]
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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 inFranklin, The Franklin Journal
Lac-Megantic clean-up efforts ongoing
FARMINGTON — Cleanup efforts in fire-ravaged Lac-Megantic, Quebec are going strong and will continue for the next 12 to 18 months, Ryan Morgan, chairman of the Board of Selectmen, said Wednesday. The town was devastated by an oil train derailment in July that left up to 50 people dead and dozens of businesses destroyed. Firefighters […]
Posted inFranklin, The Franklin Journal
Remainder of relief fund for Lac-Megantic to be delivered
FARMINGTON — Board of Selectmen Chairman Ryan Morgan announced on Friday that he would be going to Canada this week to deliver the remainder of the money from a relief fund to benefit Lac-Megantic. The Farmington Board of Selectmen and Town Manager Richard Davis set up the relief fund after a train hauling oil rolled […]
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 inFranklin
Lac-Megantic benefit concert held in Farmington; $32,000 donated to Quebec town
FARMINGTON — At about 4 a.m. on a Saturday morning in July, fire tones sounded across Franklin County. Help was needed for a deadly oil-train derailment and fire in Lac-Megantic, Quebec. Representatives from seven Franklin County fire departments responded under the leadership of Emergency Management Director Tim Hardy. “Maine people know what it means to […]
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 […]
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 […]