Hudson Bay Railway Confirms Negotiations Re: Sale of the Line Have Broken Down
WINNIPEG, July 3, 2018 – Hudson Bay Railway (HBR) today provided the following update on its discussions with a consortium that includes two First Nations groups and Fairfax Financial regarding the purchase of the HBR, the Port of Churchill, and other related assets:
“Over the past several months we have been working with the consortium to finalize the sale of the HBR. Despite our best efforts to find common ground on certain key issues, it now appears that this transaction has fallen apart and that a sale of the HBR to this group may not be possible. We would like to thank Fairfax Financial and Grand Chief Dumas for their good faith efforts to get a deal done. This outcome is unexpected and very unfortunate. We offer our apologies to all those who depend on the line.”
“We will continue to pursue any and all opportunities to sell the HBR and related assets, and we will look to do so as expeditiously as possible. We initiated the repair process last week by issuing an RFP through our engineering firm AECOM. However, we want to make clear that this development may jeopardize the opening of the rail line this season. As we have previously stated, we are not in a position to fund the entirety of the repairs to the HBR in the absence of a sale agreement.”
Hudson Bay Railway will provide further updates on the sale process as events warrant.
For further information: Media contact: Hilary Sloan, Hilary.Sloan@edelman.com, 647 262 8084