June 19, 2014

Indiana Toll Road Operator Facing Debt Woes

Associated Press
Indiana Toll Road Operator Facing Debt Woes

MUNSTER, Ind. (AP) — A state agency says it is monitoring the Indiana Toll Road operator's finances as it works to make an upcoming debt payment.

Indiana Toll Road Oversight Board director James McGoff tells The Times of Munster that the private operator has said it is trying to negotiate more favorable terms with its lenders.

The Spanish-Australian investor group Cintra-Macquarie paid the state $3.8 billion in 2006 for a 75-year lease of the highway, but its toll revenue hasn't met expectations.

Macquarie Group vice president Paula Chirhart declined to comment on the consortium's financial situation.

McGoff says the lease agreement allows the state to potentially take the 157-mile highway back over if the consortium defaults on its debt payments.

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