Sale of MMA railway moving forward
The sale of the embattled Montreal, Maine and Atlantic Railway can move forward after Canadian regulators approved the application for its buyer.
The Portland Press Herald reported that Central Maine and Quebec Railway's application to buy MMA's Canadian assets was approved by Canadian regulators on Tuesday. The company closed on purchasing MMA's American assets on May 15.
MMA, which operates approximately 500 miles of railroad between Maine and Montreal, filed for bankruptcy last August, a month after one of its oil trains derailed in a small Quebec town, killing 47 people and destroying a majority of the town's downtown area.
Central Maine and Quebec Railway has previously said that it plans to invest $10 million in railroad improvements in the next two years. It also said it plans to resume oil shipments in 18 months, including through the Quebec town of Lac-Megantic, which is still recovering from last year's accident.
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