Thursday, September 3rd18.6°C
27106

Winning bid for railway in fiery Lac-Megantic derailment was $15.9 million

PORTLAND, Maine - The Chapter 11 trustee says the winning bid for a Maine-based railroad that went bankrupt after a fiery oil train derailment in Lac-Megantic, Que., amounted to nearly $15.9 million.

Robert Keach filed documents Wednesday outlining details a day before the winning bid goes before a U.S. bankruptcy judge in Maine and a Superior Court judge in Quebec.

Winning bidder Railroad Acquisitions LLC, a subsidiary of Fortress Investment Group, also served as the "stalking horse" bidder, setting a minimum bid for Montreal, Maine and Atlantic Railways. Eastern Maine Railway and Springfield Terminal Railway bid on the Maine track. Another company bid for a smaller portion of track.

Proceeds from the company's sale will be used to repay creditors and victims, supplementing $25 million in insurance payouts available following the disaster.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX13596.41+51.16
S&P CDNX553.75+3.70
DJIA16374.76+23.38
Nasdaq4733.50-16.48
S&P 5001951.13+2.27
CDN Dollar0.7583+0.0004
Gold1124.00-8.50
Oil46.64-0.11
Lumber233.30-0.70
Natural Gas2.712-0.013

 
Okanagan Companies
Pacific Safety0.22+0.00
Knighthawk0.010.00
QHR Technologies Inc1.24+0.05
Cantex0.04-0.01
Anavex Life Sciences1.11-0.14
Metalex Ventures0.05-0.00
Russel Metals21.09+0.22
Copper Mountain Mining0.60-0.01
Colorado Resources0.075-0.010
ReliaBrand Inc0.0045+0.0005
Sunrise Resources Ltd0.02+0.00
Mission Ready Services0.08-0.01
Decisive Dividend Corp2.50-0.12

 



27460

FEATURED Property
20976481080 Sunnyside Road
10096617 bedrooms
$439,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Where does the money go?

Photo: Thinkstock.comOne of the major components of business relationships that involve money are the fees in the investment industry. There is currently a quiet battle being waged between the practit...


Agree to ask questions

Photo: Thinkstock.comThe STORY: I think, said Janet to herself, that I just figured out a solution to my problem of letting the prospect run the meeting.With that thought in mind, she got out of her c...


Your business is not a bank

Photo: Thinkstock.comYour plumbing business is not a bank. But when you are giving terms to customers that exceed what you get from your suppliers, you become one. And every time that someone does not...

_








Member of BC Press Council


25646