Sale Of Montreal, Maine, and Atlantic Railway Delayed

Updated 4 months ago

PORTLAND, Maine (AP) — The sale of a Maine-based railroad responsible for a derailment that killed 47 people in Quebec has been delayed.

Canadian regulators say a New York investment firm must file additional paperwork before finalizing its purchase of the Montreal, Maine and Atlantic Railway. The Portland Press Herald, reports the scheduled sale date of March 31 could be pushed back several months.

The investment group says it was prepared for the delay.

The railway filed for bankruptcy after an unattended train with 72 oil tankers derailed and exploded in Lac Megantic, Quebec, in July. The derailment destroyed 40 buildings, including a busy bar where many of the victims perished.

The company buying the railroad plans to change the name of the railway to Central Maine and Quebec Railway.

 


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