Canada train crash: rail company files for bankruptcy Montreal, Maine & Atlantic, said it lost much of its freight business following the derailment and explosion on July 6, that devastated downtown Lac-Megantic, Quebec. The company's chief financial officer, Donald Gardner, said in court documents that monthly revenue had fallen to about $1m since the derailment. In light of the dramatic drop in cash flow, the company said it had to seek Chapter 11 bankruptcy to protect the value of its assets for a potential sale, according to court documents filed in US Bankruptcy Court in Maine. Mr Gardner also said concurrent legal proceedings were filed in Canada to preserve the company as a going concern The company said it had assets of between $50m and $100m and liabilities of up to $10m.