The company that runs the Indiana Toll Road is weighing a possible bankruptcy filing in the coming weeks as it works to cut its roughly $6 billion debt load and shop the road to potential buyers, the Wall Street Journal reported yesterday. The company, controlled by units of Spanish infrastructure company Ferrovial and Australian investment bank Macquarie Group Ltd., has reportedly already reached an agreement with most of its secured creditors on a restructuring plan that would set the framework for a sale of the road. These secured creditors — mainly hedge funds that have been buying discounted debt from European banks — would receive most of the sale proceeds. The plan and sale would be completed through a prepackaged chapter 11 filing and isn't expected to interrupt the toll road's operations. The toll road, a 157-mile stretch of highway that runs through Indiana between the Ohio Turnpike and Chicago Skyway, has struggled for years with a heavy debt load and lower-than-expected traffic. It missed an interest payment in June, which helped accelerate restructuring talks with the hedge funds that bought the road's bank debt.
