Montreal, Maine and Atlantic sold cheap

CTV News

The Montreal, Maine and Atlantic has sold its assets for less than a tenth of its value, according to a report in the Journal.

The operator of the now defunct railway at the centre of the Lac-Megantic disaster last summer, was sold off after entering bankruptcy protection.

The Quebec assets were sold for about $3 million of the total $15 million transaction pricetag.

The value of the Quebec portion, had a market value of about $30 million.

The Central Main and Quebec Railway entered into the deal and is obliged to renovate the tracks between Farnham up to the American border, which is estimated to cost about $10 million, over the next year.

The American firm said it expects to be able to transport dangerous goods in January 2016.

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