Traffic flows in the eastbound lanes of the Indiana Toll Road I-80/90 at the Ironwood Road overpass. SBT photo/ ROBERT FRANKLIN
In filing for bankruptcy, the company that operates the Indiana Toll Road has reignited an old debate about the controversial privatization of the Toll Road in 2006.
Those who opposed leasing the highway in 2006 are now outspoken, citing concerns about the future of the road and quality of its upkeep.
Meanwhile, Indiana Gov. Mike Pence said in a statement Monday drivers of the route through northern Indiana can expect “business as usual.”
And U.S. Rep. Jackie Walorski said Monday the state included safeguards in the lease to protect the interests of taxpayers. Walorski voted for the lease when she served as a state representative.
Debt-ridden ITR Commission Co., a spawn of the Spanish-Australian company Cintra-Macquarie, on Sunday filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court in Chicago in a prepackaged plan to restructure its approximate $6 billion debt.
The General Assembly narrowly voted for the lease, allowing then-Gov. Mitch Daniels to sign a contract with the company in 2006 to exchange a lump-sum payment of $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 the company’s expectations, as traffic volume fell short of predictions.
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