MUNSTER, Ind. (AP) _ A federal bankruptcy judge has approved a reorganization plan for the private operator of the Indiana Toll Road that should expedite the sale of the lease for the 157-mile highway.
The Times reports U.S. Bankruptcy Judge Pamela Hollis in Chicago on Tuesday approved the plan that would put the 75-year lease out to bid.
Toll road operator ITR Concession Co. declared bankruptcy on more than $6 billion in debt on Sept. 21. The Chicago-based company is a subsidiary of an Australian-Spanish consortium that won the right to operate and collect tolls on the highway. ITR has received court approval for a pre-packaged Chapter 11 bankruptcy, which had the support of more than 98 percent of its senior secured lenders
