PORTLAND, Maine (AP)-- Parties interested in buying the bankrupt railroad responsible for a disaster that killed 47 people in Canada have until the end of the week to submit bids.
The minimum bid for Maine-based Montreal, Maine and Atlantic Railways is $15.7 million, which reflects an initial "stalking horse" bid by Railroad Acquisition Holdings LLC. If additional bids are submitted by Friday's deadline, then there will be a closed-door auction later this month in Portland.
Trustee Robert Keach said the railroad's operations including 480 miles of track in Maine, Vermont and Canada will be sold in a way that allows the rail service to continue.
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.