A firefighter walks past the burning tankcars - 6 Jul 2013 Mathieu Belanger.

27 September 2013

Sale of Railway Company in the Works

Portland Maine USA - The sale of the now-notorious company implicated in the deadly train disaster in Lake Megantic is proceeding, and could wrap up in the next few months, according to Montreal Maine & Atlantic Railway's (MMA) trustee.
 
Robert Keach, a railroad trustee based in Portland, Maine said Friday that MMA could be sold by the end of the year.
 
He would not name the companies that have expressed interest, but said "if I were to name them, you would recognize a lot of them probably."
 
"I will tell you there was no shortage of interested parties, without even starting a formal process," Keach said.
 
"I have received serious inquiries, so we're optimistic that something positive will happen."
 
The company is aiming to sell all of its over 800 kilometres of trackage, crossing both Canada and the United States, as a single enterprise, though Keach said it would entertain offers to buy sections of the railway.
 
He would not comment on the cost of the company, saying only "it'll sell for what people can buy it for."
 
MMA and the U.S. Federal Railroad Administration have worked out a way to ensure the administration costs of the company's U.S. bankruptcy case do not take away from money the company owes to creditors and victims of the tragedy, Keach added.
 
On Thursday, the Canadian Transportation Agency extended MMA's operating license until 18 Oct 2013, after the regulator previously ordered the company to halt its Canadian operations next Tuesday.
 
The change came after the rail carrier proved that it has, for the time being, sufficient liability insurance, which is necessary to obtain the certificate of fitness requirement for all railways that fall under federal jurisdiction.
 
A hearing has been scheduled for 9 Oct 2013 to consider allowing the company to operate into the new year.
 
Wendy Gillis.

Vancouver Island
British Columbia
Canada