Deadline for bids on bankrupt railroad arrives

8:27 AM, Jan 17, 2014   |    comments
Photo: Steve Dugay/AFP/Getty Images.
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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.

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