Bidders for Indiana toll road announced
A total of four teams are bidding for the US operator of the Indiana Toll Road (ITR Concession Co LLC), which is currently in bankruptcy.
The four teams are the following:
- Lake and LaPorte counties. The counties are being aided by Piper Jaffray & Co. (financial adviser), Goldstein & McClintock (special counsel), Krieg Devault (bond counsel), Bank of America Merrill Lynch (bond underwriter) and Globalvia (proposed operator).
- Canada Pension Plan Investment Board (CPPIB) and the Spanish infrastructure firms Cintra and Ferrovial.
- Spanish infrastructure operator Abertis Infraestructuras SA and Borealis, the infrastructure investment arm of the Ontario Municipal Employees Retirement System.
- IFM Global Infrastructure Fund (IFM Investors)
The state of Indiana leased the Indiana Toll Road to Spain's Cintra and Australia's Macquarie Group Ltd. for $3.8 billion in 2006. Macquarie Infrastructure Partners owns 25% of the project, Macquarie Atlas Roads controls 25% and Cintra, the road's operator, holds 50%. The contract has a period of 75 years.
The Indiana Toll Road, officially the Indiana East-West Toll Road, runs for 251.51 km east-west across northern Indiana from the Illinois state line to the Ohio state line.
In November 2014 the reorganization plan of the ITR Concession Company was approved by a federal bankruptcy judge in Chicago. ITR Concession previously declared bankruptcy in October 2014 on debt of more than $6 billion.
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