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Bids due Friday for bankrupt railroad in Maine

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January 17, 2014 10:49 AM EST | AP


PORTLAND, Maine (AP) — The deadline has arrived for interested parties to bid on the bankrupt, Maine-based railroad responsible for a disaster that killed 47 people in Canada.

If bids are submitted by Friday's deadline, then there will be a closed-door auction next week for the Montreal, Maine and Atlantic Railways.

Details will be scarce, however. Trustee Robert Keach doesn't plan to release any details Friday.

The minimum bid is $15.7 million, which reflects an initial "stalking horse" bid by Railroad Acquisition Holdings LLC.

MM&A filed for bankruptcy after the July derailment in Lac Megantic, Quebec, which was caused after a train with 72 oil tankers began rolling after being left unattended.