Closing Expected on Railroad's Canadian Assets
PORTLAND, Maine (AP) _ A new owner is set to close on the Canadian assets owned by the railroad blamed for a deadly oil train derailment in Quebec.
More than a month ago, parties completed the sale of U.S. assets of Montreal, Maine and Atlantic to a subsidiary of New York-based Fortress Investment Group, which has changed the railroad's name to Central Maine and Quebec Railway.
Bankruptcy trustee Bob Keach said he expects the Canadian closing to happen Monday.
The Canadian sale was hung for weeks while the parties awaited regulatory approval. Canadian officials issued their "certificate of fitness" last week.
The derailment last summer in Lac-Megantic claimed 47 lives, making it the worst railway accident in Canada in nearly 150 years. It led to calls for making oil trains safer across North America.