LAPORTE, Ind. (AP) – A northern Indiana county's commissioners have turned to an investment bank to lead a proposed seven-county consortium to bid on the Indiana Toll Road's lease.
Private tollway operator ITR Concession Co. filed for bankruptcy protection in September, citing more than $6 billion in debt. But a federal bankruptcy judge has given the Chicago-based company permission to sell the 75-year lease it holds on the road to help pay back its creditors.
Investment bank Piper Jaffray of Minneapolis recently told LaPorte County's commission that the toll road's cash flow could support a public entity bid.
County Commissioner David Decker tells The Times of Munster having the seven toll road counties bid on the lease would be better than letting another private firm gain control of the 157-mile tollway.