The operator of the Indiana Toll Road, which paid $3.8 billion for a 75-year operating lease, won court approval of a plan to exit bankruptcy protection in just over a month after working with creditors for years, Bloomberg News reported yesterday. Bankruptcy Judge Pamela S. Hollisin Chicago yesterday granted ITR Concession Co. approval of the reorganization plan, which is supported by more than 87 percent of senior secured debtholders and enjoys unanimous acceptance by equity owners. Under the proposal, the company would either be sold through a competitive process or restructured using $2.75 billion in new debt, with almost all the equity going to the secured creditors, according to a court filing. ITR Concession's unsecured creditors, owed about $8 million, its only other listed debt, will be paid in full under either scenario.
