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Tourist train files for bankruptcy (11/01)

The assets of the Mattawa's Timber Train have been seized by the Royal Bank, giving notice to the excursion company on Nov. 14.
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The assets of the Mattawa's Timber Train have been seized by the Royal Bank, giving notice to the excursion company on Nov. 14. Operators were reportedly stunned by the move, believing they were granted an extension until next November to turn a profit. The Mattawa Temiscaming Excursion Co. is in debt more than $1.5 million. The bank is owed $400,000, sources say. Industry Canada has been approached for funding since the train shuttles people between Mattawa and Temiscaming, Que. In 2001 the train carried 9,723 passengers, losing $45,000, compared to a $400,000 loss last year.



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