UPDATE: Montreal, Maine and Atlantic railway finds a buyer

A Florida-based company called Great Lakes Partners has purchased the assets of the insolvent rail company involved in last summer's Lac-Mégantic tragedy for an undisclosed sum.

The Montreal, Maine and Atlantic railway was essentially put up for auction Tuesday morning in Portland, Me. The minimum bid was set at $15.7 million.

The company filed for bankruptcy protection not long after dozens of its oil tankers slid off the tracks and exploded over Lac-Mégantic in the early morning hours of July 6, killing 47 people and leaving much of the town's center in ruins.

MM&A operates about 770 kilometres of track in Maine, Vermont and Canada.

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