BANGOR, Maine (NEWS CENTER) --- Just mere months after a train owned by Montreal Maine & Atlantic Railways derailed in a small Canadian town -- killing 47 people, the company says it may now have the capital it needs to better prevent a future disaster.
MMA is currently facing wrongful death suits for every one of those lives lost in Lac Megantic last summer. This comes as the company is trying to work its way through bankruptcy proceedings, which continued at U.S. District Court on Wednesday.
Investigators determined there was only one person running that MMA train when it derailed in Lac Megantic. The Federal Railroad Administration was among those asking the company to place two workers on all of its trains running in the U.S. Now MMA is getting a loan that its attorneys say will help with that.
Late Wednesday morning a federal judge approved Montreal Maine Atlantic's request for a $3 million loan. Trustees appointed for the company from the Bernstein Shur law office say that line of credit will go to support the 'capital needs' of its clients, which will include the implementation of two man crews on all trains.
Last summer MMA had to lay off dozens of its workers in Maine because of the Lac Megantic disaster. On Wednesday officials with the Maine Department of Transportation declared their support for the loan. The Federal Railroad Administration said it will not oppose the financing provided MMA begins using 2-man crews.
The company is looking to close on the loan by next week. In the longterm future MMA is still looking to sell off its assets. Trustees for the company say they are working with an investment banker to market what the company has for sale, including its rail lines.