PORTLAND, Maine (AP) - The railroad that went bankrupt after a fiery oil train derailment killed 47 people last summer in Canada has been sold in a closed-door auction. One of the losing bidders in Tuesday's auction says a subsidiary of Fortress Investment Group won the closed-door bidding for Montreal, Maine and Atlantic Railway.
The sale will be formally announced at bankruptcy court proceedings later this week. Railroad Acquisitions LLC had submitted a so-called "stalking horse" bid of $14.25 million. Chapter 11 trustee Robert Keach declined comment on the proceedings but has said the goal is to recoup losses while keeping the rail line in operation. A Fortress spokesman didn't immediately return a call seeking comment. An MMA train with 72 oil tankers left unattended in July rolled into downtown Lac-Megantic, Quebec, where it derailed and exploded.