Indiana Toll Road Company Bankrupt

Per Chicago Tribune and read the rest here:

The private operator of the Indiana Toll Road, facing possible bankruptcy due to $6 billion in debt, said it expects to submit a restructuring plan in court by Monday.

ITR Concession Co. LLC, created by a Spanish-Australian partnership, said over the weekend that its strategy involves either selling its assets or recapitalizing the company by cutting debt, without a sale.

The company issued a statement saying it has “received overwhelming support from its lenders and equity sponsors.”

The current toll-increase schedule would remain locked in and drivers would not notice any differences if new buyers take over the operation and maintenance of the 157-mile toll road that extends between the Chicago Skyway and the Ohio Turnpike, the company said.

It said any new operator would be subject to the terms of the 75-year lease agreement with the Indiana Finance Authority. The authority last week said the company has until late November to demonstrate it can meet its obligations.

Advertisements

2 Comments

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s