Canadian Pacific Announces CTA Order to Interchange Traffic with Montreal Maine & Atlantic Railway

Canadian Pacific CP announced today that it has been ordered by the Canadian Transportation Agency (CTA) to interchange traffic with the Montreal Maine and Atlantic Railway (MM&A) company effective immediately. On August 13, 2013, CP issued an embargo regulating the interchange of all traffic to and from the MM&A.  This was in response to the same-day decision by the CTA to withdraw MM&A's certificate of fitness.  The CTA's decision suspended MM&A's ability to operate a railway. The CTA modified its decision on August 16, 2013 to permit MM&A to continue to operate until October 1, 2013, conditional upon MM&A proving adequate insurance. CP expressed its concerns regarding the fitness of MM&A to safely handle hazardous substances, including the crude oil currently under investigation in the Lac Megantic derailment.  The CTA dismissed CP's arguments and ordered CP to lift the embargo.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsContracts
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!