bankruptcy

US Bank, trustees for the bondholders of Connector 2000 Association, the owner of the Southern Connector tollroad in Greenville South Carolina have issued an official notice that they expect a default Jan 1, 2010 with insufficient funds being available from the pike to make debt service that's due.

Mark IV Industries major automobile-related businesses have filed Chapter 11 bankruptcy in federal bankruptcy court in New York City. This is the big brother to the Intelligent Vehicle Highway Systems division of Mark IV Industries that makes electronic toll systems, notably the transponders and readers for the E-ZPass Inter Agency Group.

The long expected criminal charges in the Mass Pike's mightily botched Big Dig project have finally landed on the project's major contractor Modern Continental Corp (Mod Con is the irresistible abbreviant). The company reacted yesterday by filing for bankruptcy.

The bankrupt Sydney Australia Cross City Tunnel concession is being bought from receivers for $590m (A$700m) paying off the lenders in full and providing a small amount to the unhappy equity holders in Hong Kong and Germany. The 2.1km (1.3mi) 2x2 lanes underland toll tunnel providing a quick ride into central Sydney from the inner eastern suburbs opened in August 2005 and is carrying a very respectable 35k vehicles/day.