Monday, April 27th18.9°C
26075
24291

Transportation agency OKs Canadian operations for new owner of Montreal, Maine & Atlantic

MONTREAL - The company that took over partial control of the railway at the centre of last year's disaster in Lac-Megantic has been given the green light to operate in Canada.

The Canadian Transportation Agency granted the certificate of fitness for railway operation to Central Maine & Quebec Railway today after determining it had adequate liability coverage.

Central Maine & Quebec Railway has so far taken over the U.S. operations of Montreal, Maine and Atlantic Railway.

The sale of MMA's Canadian operations was pending upon approval of the operational fitness certificate.

A runaway Montreal, Maine and Atlantic train loaded with fuel oil careened into Lac-Megantic in the wee hours of last July 6 and jumped its tracks, exploding into a massive fireball that destroyed much of the downtown core.

Forty-seven people were killed.

The certificate will take effect when the transaction is completed.

Central Maine has been able to operate MMA's trains up to this point because the former railway's certificates are still valid.

In the wake of the tragedy, the transportation agency yanked the permission for MMA and its Canadian subsidiary to operate in Canada because it deemed it didn't have sufficient insurance.

The agency later reinstated the operating certificate to the railroad.

The Canadian Press


Read more Business News

25990


Recent Trending




Today's Market
S&P TSX15344.08-64.25
S&P CDNX690.10-7.60
DJIA18037.97-42.17
Nasdaq5060.25-31.84
S&P 5002108.92-8.77
CDN Dollar0.8266-0.0005
Gold1199.70-3.60
Oil56.70-0.29
Lumber255.00-1.20
Natural Gas2.482-0.008

 
Okanagan Companies
Pacific Safety0.08-0.04
Knighthawk0.010.00
QHR Technologies Inc1.40+0.02
Cantex0.035+0.005
Anavex Life Sciences0.395-0.035
Metalex Ventures0.095+0.000
Russel Metals27.05-0.11
Copper Mountain Mining1.25+0.10
Colorado Resources0.10+0.01
ReliaBrand Inc0.004-0.001
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.19-0.01
Decisive Dividend Corporation1.80+0.10

 



24947

FEATURED Property
18406101340 Highland Drive South
4 bedrooms 2 baths
$335,000
more details
image2
Click here to feature your property
Please wait... loading


Buy versus rent

Consider the top five reasons to buy versus rent: #5 Experience Freedom: Home ownership will free you from the ties that bind you to a landlord...no longer will you be dependent on someone else&rsq...


What's your score?

There was a time when we would sit down with nothing more than a sheet of paper and a sharp pencil to do the math. Totalling our expenses and subtracting our revenue, the amount left over was the answ...


Do you dare to dream?

Photo: Thinkstock.comI have never been able to understand why some people can only see as far ahead as the end of the current day. Instead of aiming for long term goals, they just wallow in their ever...

_



26069

26069


Member of BC Press Council


24843