Dow Jones' Stephanie Gleason reports that American Roads LLC "has a clear path" through Chapter 11 reorganization following a bankruptcy court hearing in New York Friday. All the creditors said they were supportive of the 'prepackaged plan' under which they are paid off at least in part while the dominant 'creditor' Syncora gets full ownership and control.
Dulles Greenway on books as a net liability to Macquarie of $490m - would they pay the state to take it? SILLY ACCOUNTING
2013-01-17: Accountants, accountants, what troublesome $#s they crunch! The latest balance sheet of TRIP II, the Macquarie owned holding company for the Dulles Greenway tollroad shows total liabilities of $1,018m (rounding to the nearest $m) versus total assets of $528m. It's net worth is therefore minus $490m.
Dulles Greenway a net liability to Macquarie of $490m - would they pay Virginia take it off their backs? MISCHIEF
Accountants, accountants, what troublesome $#s they crunch! The latest balance sheet of TRIP II, the Macquarie owned holding company for the Dulles Greenway tollroad shows total liabilities of $1,018m (rounding to the nearest $m) versus total assets of $528m. It's net worth is therefore minus $490m.
In other words they are carrying the Greenway on their books as a net liability of $490m.
If they believe their accountants Macquarie should be prepared to pay the state of Virginia, say $450m, to take the Greenway off their back.
They'd be up $40m - editor
Virginia gone to financial close on $2.1b Norfolk crossings P3, compromises on toll timing, coverageBy Peter Samuel on April 20, 2012
Virginia and Elizabeth River Crossings LLC (Skanska & Macquarie) have gone to financial close on the huge $2.1b Norfolk-Plymouth P3 project that will see big improvements in mobility between Norfolk and points on the westside of the estuarial river including new expressway standard connections to Interstates. The financial close stymies late efforts by opportunistic politicians in the state legislature to stall and reshape the project.
Macquarie Atlas (MQA) reporting 2010 results to the Australian stock exchange show traffic up strongly in France especially truck traffic, slightly up in the UK but flat or down a bit in the US. Chicago Skyway traffic is down 4.9% to an average daily 44,987 from 47,296 in 2009. Dulles Greenway traffic is down in 2010 to 47,663 v 49,412 in 2009, a decline of 3.5%.
Despite awful results from their American tollroad investments, Macquarie reports a reasonable worldwide result for the first quarter of 2010. Their tollroad concessions are now divided into Macquarie Atlas Roads (MAR) and Intoll, separate listings on the Sydney stock exchange.
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.
The South Bay Expressway (SBX), Macquarie's first foray into the US toll business continues to be a bear for the group. Data released to the Sydney Stock Exchange show traffic in the latest quarter (2009Q3) down 13.6% on the prior corresponding period of 2008 for average daily transactions of 22.5k, v 26.1k in the tollroad's first year.
Macquarie are proposing to split their portfolio of pikes into the gems (called Mature MIG) and the duds called (called Active MIG). For the MMIG gems investors will pay a premium but will see the returns roll in steadily.
Leading concessionaire Macquarie report that their weighted average of traffic worldwide was up 1.6% in the last quarter, July-September, an improvement on the low point early this year. Greatest traffic strength was on the APRR motorway network in central France, up 3.4% over last year, and Westlink Sydney up 5.7%. The American pikes were the poor performers in traffic with the exception of Chicago Skyway.