default

The Pennsylvania state auditor, Jack Wagner says the Turnpike is "drowning in debt" and faces bankruptcy if the state doesn't cease bleeding it for cash. The Turnpike Commission he writes "is sinking in debt because of financial obligations the General Assembly placed on it  through Act 44 in 2007."

China Daily is reporting that a bunch of state toll authorities in China are defaulting on bonds by announcing an "extension" of their loans. And the country's regulator says it's OK.

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.