The operator of the Indiana Toll Road, owned by affiliates of Macquarie Group Ltd. and Ferrovial SA, sought bankruptcy protection with a creditor-supported restructuring plan after dwindling traffic soured a $3.8 billion bet on a 75-year lease, Bloomberg News reported yesterday. The company listed assets and liabilities of more than $1 billion each in its chapter 11 filing yesterday in Chicago bankruptcy court. The company has an estimated $6.3 billion in secured obligations when including projected amounts of interest through next August, according to court papers. The Indiana road company isn’t the first to seek creditor protection since the financial crisis as operators of the South Bay Expressway, a 10-mile toll road near San Diego, and the 16-mile Southern Connector in Greenville County, South Carolina, each filed for bankruptcy in 2010 after experiencing low traffic. The case is In re ITR Concessions Co. LLC, 14-34284, U.S. Bankruptcy Court, Northern District Illinois (Chicago).
