MUNSTER, Ind. (AP) — A federal bankruptcy judge has approved a
reorganization plan for the private operator of the Indiana Toll Road that
should expedite the sale of the lease for the 157-mile highway.
The (Munster) Times reports U.S. Bankruptcy Judge Pamela Hollis in Chicago
on Tuesday approved the plan that would put the 75-year lease out to bid.
Toll road operator ITR Concession Co. declared bankruptcy on more than $6
billion in debt on Sept. 21. The Chicago-based company is a subsidiary of
an Australian-Spanish consortium that won the right to operate and collect
tolls on the highway. ITR has received court approval for a pre-packaged
Chapter 11 bankruptcy, which had the support of more than 98 percent of
its senior secured lenders.