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
- Traffic stop payoutVernon / N. Okanagan - 12:17 pm
- Ross Gorman passes awayWest Kelowna - 3:01 pm
- Candidates' forumMunicipal Elections 2014 - 2:55 pm
- Officer charged with murderBC - 11:52 am
|QHR Technologies Inc||1.12||+0.01|
|Anavex Life Sciences||0.191||+0.001|
|Copper Mountain Mining||1.99||+0.05|
|Sunrise Resources Ltd||0.06||0.00|
|Mission Ready Services||0.45||0.00|
This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...
Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...
The third week in October is “Small Business Week”, a week dedicated to supporting local, small businesses. The week was designed to bring awareness to Canadians about the role small busin...