The Montreal, Maine and Atlantic Railway , itself a product of the 2002 Iron Road Railways bankruptcy, filed for bankruptcy in the United States and Canada on August 7, 2013, following the fiery Lac-Mégantic rail disaster, in which a runaway crude oil train killed forty-seven people and caused an estimated $200 million in property damage to downtown Lac-Mégantic, Quebec. The company received protection under Chapter 11 of the United States Bankruptcy Code and under the Companies' Creditors Arrangement Act in Canada to oversee the sale of assets.