Quebec Train Disaster Spurs Railroad to File for Bankruptcy
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Montreal, Maine & Atlantic Railway Ltd., the operator of the runaway oil train that exploded and killed 47 people in a Quebec town, said it was forced to file for bankruptcy because of potential liability from the crash.
Service will continue during the restructuring, the carrier said after yesterday’s filing in U.S. Bankruptcy Court in Bangor, Maine. An affiliated company, Montreal, Maine & Atlantic Canada Co., filed a petition in Canada, where the accident marked the country’s worst rail disaster since 1910.