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The trustee for the bankrupt Montreal, Maine & Atlantic Railway is asking a judge for approval of a sales agreement with stalking horse bidder Railroad Acquisitions Holdings LLC for $14.25 million.
The Bangor Daily News reported MM&A’s trustee, Robert Keach, submitted the request in bankruptcy court last week, asking for approval to sell “substantially all” of the railroad’s assets in the United States and Canada for $14.25 million, a price that will set the pace for other potential bidders.
The paper reported that roughly 20 potential buyers have expressed interest in bidding on the railroad’s assets. The competing bids would be required by Jan. 17 for an auction starting Jan. 21 if terms of a sale with the first bidder are approved. A joint hearing between U.S. and Canadian bankruptcy courts would be held Jan. 23 to consider final approval of a sale.
Based on the parties requesting to receive notices on behalf of Railroad Acquisitions Holdings LLC, the BDN reported the firm appears to be affiliated with the publicly traded international investment firm Fortress Investment Group, based in New York City. Two employees of the firm are listed as people requesting notices for the bidder.
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Learn moreThe Giving Guide helps nonprofits have the opportunity to showcase and differentiate their organizations so that businesses better understand how they can contribute to a nonprofit’s mission and work.
Work for ME is a workforce development tool to help Maine’s employers target Maine’s emerging workforce. Work for ME highlights each industry, its impact on Maine’s economy, the jobs available to entry-level workers, the training and education needed to get a career started.
Few people are adequately prepared for all the tasks involved in planning and providing care for aging family members. SeniorSmart provides an essential road map for navigating the process. This resource guide explores the myriad of care options and offers essential information on topics ranging from self-care to legal and financial preparedness.
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