Thursday, July 30th13.1°C
27122
24949

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

26744


Recent Trending




Today's Market
S&P TSX14301.80+224.44
S&P CDNX584.76-2.20
DJIA17751.39+121.12
Nasdaq5111.73+22.53
S&P 5002108.57+15.32
CDN Dollar0.7708-0.0013
Gold1096.90+0.60
Oil49.20+0.04
Lumber253.00+1.40
Natural Gas2.883+0.062

 
Okanagan Companies
Pacific Safety0.18+0.01
Knighthawk0.010.00
QHR Technologies Inc1.40+0.03
Cantex0.05+0.00
Anavex Life Sciences0.7865+0.0065
Metalex Ventures0.05-0.01
Russel Metals19.21+0.86
Copper Mountain Mining0.85+0.03
Colorado Resources0.06+0.00
ReliaBrand Inc0.0045-0.0022
Sunrise Resources Ltd0.03+0.00
Mission Ready Services0.14-0.01
Decisive Dividend Corp2.50-0.08

 





FEATURED Property
20747361844 Diamond View Drive
10088429 bedrooms
$229,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


Chasing ducks

Photo: Thinkstock.comWhen businessmen tell me that being low priced is the only way to stay in business, I am skeptical. Price is the simplest way for a consumer to compare and is overused as the basi...


Taking care of business

Photo: Thinkstock.comRetirement as a goal has changed a lot over the years. There was a time, it was the only goal. You’d punch the clock and count the years until you could stop punching that t...


Income from home equity

Photo: Thinkstock.comWhen retirement funds run low, seniors often ask if tapping into the equity in their home is the right way to retain financial independence. To see if this option might be a good ...

_





26586


Member of BC Press Council


26632