default

Massachusetts state officials are moving to negate a landmark air rights lease to Winn developers and pension fund Calpers for default. The developers were granted a 99 lease on the air rights over the Turnpike in the heart of Boston for what is known as Columbus Center, a $625m 1.4m ft2 (130k m2) mix of residential, office and hotel buildings to be built on a deck over the Turnpike.

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.