Friday, September 19, 2014
Indiana Toll Road Operator Filing Bankruptcy
The foreign operator of the Indiana Toll Road has confirmed its plan to file for bankruptcy on Monday. ITR Concession Co. tells the AP it has a pre-packaged bankruptcy plan that has the support of creditors and lenders. That plan may include a sale of its long-term lease of the toll road or a refinancing of its debt. The Indiana Finance Authority sent a letter to ITR late last month pursuant to its 75-year lease agreement giving the vendor a 90-day notice to demonstrate that it could fulfill its lease obligations. The IFA's notice was triggered after it learned ITR had failed to pay its debt obligations in June.