MM&A deal for $15.9M heads for approval
A $15.9 million bid from Railroad Acquisitions LLC for the assets of the bankrupt Montreal, Maine and Atlantic Railway will go before a bankruptcy judge today.
The Associated Press reported the railroad’s bankruptcy trustee Robert Keach filed documents Wednesday outlining details of the proposed deal. That filing will go before bankruptcy judges in the United States and Canada today, the AP reported. The winning firm is a subsidiary of the New York-based Fortress Investment Group. Railroad Acquisitions LLC also served as the stalking horse bidder for the assets of the railroad.
Maine Eastern Railway and Springfield Terminal Railway submitted a joint bid for the portion of the MM&A track in Maine and another company bid on a smaller section of the track. The AP reported proceeds of the sale will supplement $25 million in insurance payouts to victims of the fiery oil train derailment in Lac-Megantic, Quebec, that forced the railroad into bankruptcy.
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