Judge Approves Plan For Toll Road Lease

Listen to this story

Subscriber Benefit

As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now

This audio file is brought to you by

0:00

0:00

Loading audio file, please wait.

Speed
1.00

• 0.25
• 0.50
• 0.75
• 1.00
• 1.25
• 1.50
• 1.75
• 2.00

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