)Iron Road Railways subsidiary Canadian American Railroad, through the newly created Quebec Southern Railway and Northern Vermont Railroad, took over operations of the portion north of Wells River in September 1996, and in 1999 the state acquired the remainder from the B&M, contracting first the Green Mountain Railroad and then in 2000 the Northern Vermont Railroad to operate it.After Iron Road Railways went bankrupt (CDAC, B&A, QS/NV) in fall 2002, it sold most of its lines to Rail World, Inc. which organized them under a newly formed subsidiary, the Montreal, Maine and Atlantic Railway.