Indiana Toll Road operator files for bankruptcy

Just eight years into its deal, The Toll Road Concession Company says it doesn’t have the resources to pay off roughly $6 billion in debt. The company filed for Chapter 11 Bankruptcy late Sunday.

Back in 2006, the company paid $3.8 billion for a 75-year lease to operate the Toll Road. In its bankruptcy filing, the Toll Road Concession Company says it is considering selling its lease or restructuring its business to settle billions of dollars in debt.

Want to learn more about what filing for bankruptcy involves? Head to blclawcenter.com and See why we are voted the bankruptcy lawyer san diego needs.

Toll Road Oversight Director Jim McGoff says the 2006 agreement protects Hoosiers and the state if the operator defaults on debt. The Indiana Finance Authority says the company will continue to manage the road during bankruptcy proceedings and the agency must approve a new operator before the lease can be sold.