Judge Approves Plan For Toll Road LeasePosted: Updated:
Plans for the future of the Indiana Toll Road have received a key approval in federal court. Our partners at The Times of Northwest Indiana report Federal Bankruptcy Judge Pamela Hollis confirmed a plan to allow the road's private operator, ITR Concession Company LLC, to seek bids on the 75-year lease. More than 98 percent of the company's shareholders have already approved a pre-packaged Chapter 11 bankruptcy reorganization plan.
Tuesday's ruling is expected to speed along the process.
ITR won the rights to operate the toll road in 2006 for $3.8 billion, but declared bankruptcy late last month.
The judge also allowed the company to continue paying wages and benefits to 260 employees as the bankruptcy unfolds.
Source: The Times of Northwest Indiana