BUSINESS
08/07/2013 04:28 pm ET | Updated Aug 08, 2013

Railway Involved In Deadly Derailment Files For Bankruptcy

AP

WILMINGTON, Del (Reuters) - Montreal, Maine & Atlantic Ltd, the railway involved in last month's deadly derailment in Lac-Megantic, Quebec, filed for Chapter 11 bankruptcy protection on Wednesday, saying the move would enable the company to preserve the value of its assets.

The railway said it lost much of its freight business following the Quebec derailment and explosion on July 6, which killed 47 and devastated downtown Lac-Megantic.

The company said it had assets of between $50 million and $100 million and liabilities of up to $10 million, according to court documents filed with the U.S. Bankrutpcy Court in Maine.

(Reporting by Tom Hals in Wilmington, Delaware; Editing by Gary Hill)

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