The company that leases the Indiana Toll Road is considering filing for bankruptcy in the coming weeks. They’re in the process of working out a debt settlement.
In 2005, the State of Indiana leased the Indiana Toll Road to Cintra-Macquarie for $3.8 billion, as part of the “Major Moves” initiative led by former Governor Mitch Daniels. Nearly all of the money’s been spent – most of it on road projects.
Representative David Niezgodski was elected the year after Major Moves took place, and has been against it from the beginning.
Niezgodski says the potential for bankruptcy is very concerning for the future of the state, being that the lease was intended to be for 75 years. He believes 75 years is not a lease, but rather a sale.
“I also stand with the group that has passively known that it was the sale of our toll road, and it’s the sale of our futures and our children’s futures,” Niezgodski says.
In June 2011, Cintra-Macquarie was in financial trouble and was in danger of defaulting. At that time, Daniels admitted that the company overpaid for the lease.
Cintra-Macquarie declined to comment at this time, but Toll Road oversight director Jim McGoff said in a statement that the ITR Concession Company will continue to manage the road in compliance with the lease agreement, despite any debt settlements in the works.