July 28, 2014

Maine railroad in deadly Canada derailment sold

PORTLAND, Maine – A railroad that went bankrupt after a fiery oil train derailment killed 47 people last summer in Canada was sold at auction Tuesday to a subsidiary of a New York City-based investment management company.

Railroad Acquisitions LLC, a subsidiary of Fortress Investment Group, won the closed-door bidding for Montreal, Maine and Atlantic Railway, according to one of the losing bidders. The winning bid goes before a U.S. bankruptcy judge in Maine and a Superior Court judge in Quebec on Thursday.

Read the complete story at the Bismarck Tribune.