MM&A Railway bids could open this week
The trustee for the bankrupt Montreal Maine & Atlantic Railway told Bloomberg News that the company has chosen a “stalking-horse bidder” and expects that around six potential bidders are considering filing competing bids.
The news service reported that a contract should be signed before a Dec. 16 bankruptcy hearing to approve the auction and sale procedures for the railroad whose runaway train killed 47 people after derailing in downtown Lac-Megantic, Quebec.
Robert Keach, the railroad’s court-appointed trustee, told the news service he could not disclose the identities of potential buyers or the starting or expected sales price. Since the crash, Keach said the loss of cross-border freight has depressed revenue for the railroad, which logged a $453,000 net loss on revenue of $920,000 in October.
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