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Thursday, September 18, 2014

Ind. Gov't. - More on "Indiana Toll Road operator weighs bankruptcy, sale"

Updating this ILB post from Sept. 15th, Rick Callahan of the AP has a story today that reports:

INDIANAPOLIS – The state agency that oversees the Indiana Toll Road has given the highway’s debt-saddled private operator until late November to prove that it’s meeting its debt obligations amid reports that the company is considering filing for bankruptcy and selling off its multibillion-dollar Toll Road lease.

The Indiana Finance Authority sent a letter Aug. 26 to ITR Concession Co. giving the company 90 days to show that it can meet its obligations to its lenders in compliance with the company’s lease responsibilities, said Jim McGoff, the authority’s Toll Road oversight director. * * *

The Wall Street Journal reported last week that ITR Concession, based in Granger, was weighing a possible bankruptcy filing as company officials work to reduce their roughly $6 billion debt load through a debt restructuring that could set the stage for it to sell its Toll Road lease.

McGoff said the Finance Authority is aware that the company and its lenders “are in the process of finalizing negotiations for a debt settlement.”

Posted by Marcia Oddi on September 18, 2014 11:51 AM
Posted to Indiana Government