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.
Read more Business News
- Trashed for killing bearsPenticton / S. Okanagan - 7:00 pm
- Motorcycle victims ID'dVernon / N. Okanagan - 3:24 pm
- Friends mourn victims Canada - 6:51 pm
- Floods cause evacuationsCanada - 3:15 pm
|QHR Technologies Inc||1.22||-0.05|
|Anavex Life Sciences||0.375||-0.005|
|Copper Mountain Mining||2.42||+0.10|
|Sunrise Resources Ltd||0.025||-0.005|
|Mission Ready Services||0.23||-0.02|
The Big Picture Valuation fears grip markets Growing concerns about the level of stock market valuations sparked a risk-off trade in global markets this week. Investors are worried that many companies...
Photo: ContributedFor many businesses this has been a tremendously difficult time since the 2008 crisis. Business fell off. Sales techniques that always worked, well… stopped working. Customers...
Many times when we are gripped by fear it can be one of two mental challenges that we can learn to overcome. Photo: ContributedThe Fear is completely imaginary. In this situation there may be no fact...