Canadian officials holding up MM&A sale
U.S. regulators on Tuesday approved the bankruptcy sale of the Montreal, Maine & Atlantic Railway, which now awaits approval from Canadian authorities expected by June.
The Bangor Daily News reported MM&A trustee Robert Keach said the delay is routine and that he expects prompt action from Canadian regulators in approving sale of the railroad driven into bankruptcy by a disastrous derailment and explosion in Lac-Megantic, Quebec, that killed 47 people last year.
The New York investment firm Fortress Investment Group won the bankruptcy auction for the railroad in January with a $15.85 million bid. It plans to operate the railroad as the Central Maine and Quebec Railway, pending approval from the Canadian Transportation Agency and Transport Canada.
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