Montreal, Maine & Atlantic Railway hires Gordian Group for potential sale
Montreal, Maine & Atlantic Railway Ltd. had hired Gordian Group LLC to sell the carrier which could push through by the end of this year, according to a Bloomberg report. In July, the company's runaway oil train had exploded and killed 47 people in Quebec.
The Canadian monitor and Chapter 11 trustee had set the deadline for possible interest from buyers on October 31. This was according to a filing today in a bankruptcy court in Bangor, Maine. By November 15, a stalking horse bidder which the bankrupt company had chosen to be followed by an auction that would occur by December 13. This would be after the approval of the court for the winning bid three days later, said filings.
In August, Montreal, Maine & Atlantic Railway had filed for bankruptcy protection. This was after the potential liability it might incur following the crash which was also the worst rail disaster in Canada since 1910.