CHICAGO (CN) - The company that paid $3.8 billion in 2006 for the right to operate the Indiana Toll Road for 75 years has filed for bankruptcy, declaring more than $1 billion in debts and assets.
ITR Concession Co. bought rights to run the 157-mile toll road, from the Chicago Skyway to the Ohio Turnpike, eight years ago. It was part of a trend in which government agencies sold long-term rights to public assets, for short-term cash infusions.
Apparently, ITR missed its revenue projections.
The company expects to be sold or restructured, according to its Sept. 21 Chapter 11 filing.
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