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It's going to take a week longer than expected, but Montreal, Maine & Atlantic Corp. plans to begin operations Jan. 9.
A Rail World Inc.-led investment and management consortium now expects to close its Bangor & Aroostook Railroad System (B&A) purchase Jan. 8.
"The Jan. 9 start-up will enable us to implement all the legal and financial requirements of this complex transaction," said Rail World President and MMA Chairman Edward Burkhardt in a prepared statement.
B&A is operating under Chapter 11, and the start-up schedule has been approved by B&A's trustee and a federal bankruptcy court, Burkhardt said.
MMA includes former B&A affiliates Canadian American Railroad, Northern Vermont Railroad, Newport & Richford Railroad, Van Buren Bridge Co., and warehousing and logistics subsidiary Logistics Management System.
The consortium's investors include Larry Parsons, chief executive officer of Wheeling & Lake Erie Railway Co.; Jerry Davis, retired president of Union Pacific Railroad; and Frank Turner, former president of American Short Line and Regional Railroad Association.