The debt-ridden operators of the Indiana Toll Road have less than three months to prove they can meet financial obligations, according to state officials.
Stephanie McFarland, a spokeswoman for the government agency that oversees state-related debt, the Indiana Finance Authority, says the IFA sent a letter to the Indiana Toll Road Concession Co. late last month requiring the company to demonstrate it can pay its debts.
“We are aware that the ITRCC and its lenders are in the process of finalizing negotiations for a debt settlement,” said McFarland in an email. “We have issued a letter reminding ITRCC of its financial-performance responsibilities, and to demonstrate within 90 days that they are meeting those obligations with their lenders.”
The state of Indiana leases the right to operate the road to the Granger, Indiana-based ITRCC.
Last week, the Wall Street Journal reported the company, which is owned by the Spanish-Australian partnership Cintra-Macquarie, was considering filing for bankruptcy. The article also mentioned the company missed an interest payment in June.
Representatives from ITRCC could not be reached for comment.
McFarland says the debt negotiations will not affect the operation of the 156-mile Indiana Toll Road, which connects the Ohio Turnpike and the Chicago Skyway.
“ITRCC continues to safely manage the Indiana Toll Road in compliance with the lease agreement, and that’s our primary focus,” said McFarland.