southern connector

As they warned last fall the Greenville Southern Connector (GSC) tollroad defaulted on debt service due January 1. They are now in discussion with creditors as to who takes the losses, and how they reorganize the toll operation in Greenville SC - located on I-85 midway between Atlanta GA and Charlotte NC.

A statement released by the operator, Connector 2000 Association says:

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.

Last August one midday a large white Cadillac driven by two old ladies came cruising down the Southern Connector tollroad in Greenville South Carolina at about 75mph (120km/hr) and, without slowing, ran into a coin machine lane at the mainline East Plaza. The Caddy clipped the curb and spun crushing an equipment cabinet housing lane controllers and Mark IV reader equipment for three lanes.

The Greenville Southern Connector in South Carolina is getting an investment grade traffic and revenue study, and meanwhile the procurement of a concession is on hold. Peter Femia, general manager of the Connector 2000 Association a not-for-profit which operates the tollroad under a 50 year license from the state told us their financial advisers Goldman Sachs recommended the T&R study and other measures before the association pressed forward with the private concession.