Railroad to emerge from bankruptcy with new name
PORTLAND, Maine (AP) — The railroad responsible for a fiery derailment that killed 47 people in Quebec will soon have a new name.
The buyer, Railroad Acquisition Holdings, is changing the name of Montreal, Maine and Atlantic Railway. The new name will be Central Maine and Quebec Railway.
The subsidiary of New York-based Fortress Investment Group won an auction for the Maine-based railroad that owns about 500 miles of track in Maine, Vermont and Canada. Chapter 11 trustee Robert Keach said the deal is on track to close by the end of next month.
The railroad filed for bankruptcy after an unattended train with 72 oil tankers derailed and exploded in Lac Megantic, Quebec, in July.