Settlement for Lac-Megantic railway inches forward
Portland, Maine — A bankruptcy judge on Thursday morning will consider approval of the bankruptcy reorganization plan for the Montreal, Maine and Atlantic Railway.
The railroad was responsible for an oil train derailment in 2013 that killed 48 people, leveled the downtown of Lac-Megantic, Quebec, and became a flashpoint for regulators in the United States and Canada to issue new safety standards for trains carrying flammable fuels.
U.S. Bankruptcy Judge Peter Cary began hearing motions to confirm the liquidation plan for the railroad at 9 a.m., first dealing with a motion from Canadian Pacific Railway requesting unredacted settlement agreements between the bankruptcy estate and 24 other parties.
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