Canadian Railway Co. Enters Bankruptcy After Deadly Crash

Law360, New York (August 08, 2013, 2:07 PM ET) -- The Montreal, Maine and Atlantic Railroad Ltd., the international freight railroad system that experienced a devastating crash in Quebec last month, on Wednesday sought Chapter 11 bankruptcy protection, saying the accident has plagued it with more liabilities than it can manage.

The company listed between $1 million and $10 million in liabilities in its voluntary petition. It also has an outstanding balance of $27.5 million on a loan issued by the Federal Railroad Administration, which is secured by the FRA’s lien on virtually all of MMAR’s...
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