IFM Investors plans to buy the Indiana Toll Road lease for much more than the current operator, ITR Concession Company, paid in 2006.
Australia-based IFM Investors is expected to enter into a $5.7 billion agreement to operate the 157 mile road for the next 66 years.
A group of northern Indiana counties could create a nonprofit to submit a bid on the Indiana Toll Road lease.
A bankruptcy judge approved an agreement that reaffirms the Indiana Finance Authority's power as the Toll Road operator's Chapter 11 case moves forward.
ITR Concession Company says it already has agreements in place with its creditors on how it will restructure its debt.
The Indiana Finance Authority has given debt-saddled Indiana Toll Road Concessions Co. until late November to prove it can pay back its lenders.
Cintra-Macguarie, the company that leases the Indiana Toll Road, is considering filing for bankruptcy after years of financial difficulties.
Transportation officials are beginning to ponder what is next after the proceeds from leasing the Indiana Toll Road run out.