INDIANAPOLIS (AP) — The private company running the Indiana Toll Road intends to transfer its operations to a new entity under a prepackaged bankruptcy filing.
Debt-ridden ITR Concession Company announced late Friday it planned to file for bankruptcy Monday and sell all of its assets including all rights to the 157-mile tollway traversing northern Indiana.
The Chicago-based company says tolls, motorists and employees won't be affected and that the Indiana Finance Authority has approval over any new operator.
Finance Authority spokeswoman Stephanie McFarland says it's withholding comment until it sees the filing.
The Finance Authority notified ITR August 26th that the company was in risk of default of its 2006 contract with the state under which ITR's parent company, the Spanish-Australian consortium Cintra-Macquarie, paid Indiana $3.8 billion up front for a 75-year lease.