INDIANAPOLIS (AP) _ 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.
The Indiana Finance Authority asked toll road operator ITR Concession Co. in an Aug. 26 letter for proof within 90 days that it's meeting those obligations after it missed a June interest payment.
The Wall Street Journal reported last week that ITR was considering filing for bankruptcy and pursuing a restructuring of its roughly $6 billion debt load that could entail selling its toll road lease.
ITR's parent company paid Indiana $3.8 billion up front for a 75-year lease of the 157-mile toll road traversing northern Indiana. However, its toll revenue hasn't met expectations.
An ITR representative declined comment.