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10/2/2002



Rail News: Rail Industry Trends

Rail World expects to acquire Bangor & Aroostook System by year end


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As of the Oct. 1 closing date, Bangor & Aroostook Railroad Co. received only one for its Bangor & Aroostook System (B&A) — the bid Rail World Inc. submitted in July, according to a Rail World statement released Oct. 2.


On Oct. 8, B&A plans to ask a bankruptcy court to approve its purchase agreement with Rail World subsidiary Montreal, Maine & Atlantic Railway L.L.C. (MMA), which would provide rail service to Maine, Vermont and Quebec, Canada, as a new railroad using B&A's lines.


B&A's properties include Canadian American Railroad Co., Northern Vermont Railroad Co., Newport and Richford Railroad Co. and Quebec Southern Railway Co. Ltd.


"We have targeted Dec. 1 as closing date, and have a lot of work to do to prepare for start-up of our new railway," said Rail World President Edward Burkhardt.


MMA plans to hold employee meetings on B&A properties the week of Oct. 14 and announce its management team within the next few weeks.


Contact Progressive Railroading editorial staff.

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