bankruptcy

Modern Continental giant of the Big Dig cops criminal charges, files bankruptcy


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.
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Cross City Tunnel in Sydney sold by receivers to ABN AMRO & Leighton for $590m


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.
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