Stalking horse bid for MM&A is $14.25M
The trustee for the bankrupt Montreal, Maine & Atlantic Railway is asking a judge for approval of a sales agreement with stalking horse bidder Railroad Acquisitions Holdings LLC for $14.25 million.
The Bangor Daily News reported MM&A’s trustee, Robert Keach, submitted the request in bankruptcy court last week, asking for approval to sell “substantially all” of the railroad’s assets in the United States and Canada for $14.25 million, a price that will set the pace for other potential bidders.
The paper reported that roughly 20 potential buyers have expressed interest in bidding on the railroad’s assets. The competing bids would be required by Jan. 17 for an auction starting Jan. 21 if terms of a sale with the first bidder are approved. A joint hearing between U.S. and Canadian bankruptcy courts would be held Jan. 23 to consider final approval of a sale.
Based on the parties requesting to receive notices on behalf of Railroad Acquisitions Holdings LLC, the BDN reported the firm appears to be affiliated with the publicly traded international investment firm Fortress Investment Group, based in New York City. Two employees of the firm are listed as people requesting notices for the bidder.
Most Recent
Most Recent
Comments