bankruptcy

Connector 2000 Association developer and operator of the Greenville Southern Connector tollroad filed for bankruptcy today in US Bankuptcy Court in nearby Spartanburg, South Carolina. The filing done under chapter 9 of the US Bankruptcy code that handles broke government entities has been expected for some time.

Transurban is buying the Lane Cove Tunnel concession on the eastern end of their M2 Hills Motorway in the northern suburbs of Sydney. The company is paying A$630.5m (US$570m) for the twin tube tunnel 3.6km (2.25mi) toll facility that carries 63.5k vehicles/day. It has been in bankruptcy, operated by receivers for the lenders since January.

South Bay Expressway (SBE) company filed for a reorganization in Chapter 11 US bankruptcy this week, writing off around $200m in shareholder equity. The equity held by Macquarie Atlas Roads in Australia and previously Macquarie Infrastructure Group had been heavily written down since the pike opened in November 2007 and was valued at zero ($0.00) in the financial reports from June 2009 onward.

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.