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http://www.southbendtribune.com/content/tncms/live/

It's official: Toll Road files bankruptcy

By Madeline Buckley South Bend Tribune | Updated 1 hour ago

The company that operates the Indiana Toll Road filed for bankruptcy on Sunday, though Indiana Gov. Mike Pence said in a statement Monday drivers of the route through northern Indiana can expect "business as usual."

Debt-ridden ITR Commission Co., a spawn of the Spanish-Australian company Cintra-Macquarie, filed for chapter 11 bankruptcy in U.S. Bankruptcy Court in Chicago in a prepackaged plan to restructure its approximate $6 billion debt.

The company in 2006 paid $3.8 billion for a 75-year lease of the road that runs between the Illinois and Ohio state lines, but the toll revenue failed to meet company expectations.

Indiana Finance Authority Director Kendra York said in a statement ITR Commission Co. will continue to manage the toll road through the bankruptcy process. The Finance Authority must also approve any potential sale of the lease.

“The IFA has been aware of negotiations between the operator and its lenders, so we anticipated this could be a possibility,” Pence said in the statement. “But Hoosiers can expect business as usual on the Indiana Toll Road.”