The operator of a 41-mile Texas toll road connecting San Antonio to Austin filed for chapter 11 protection yesterday due to dwindling cash, Reuters reported. SH 130 Concession Co LLC, which operates the section of state highway 130, is jointly owned by the Cintra unit of Spain's Ferrovial SA and Zachry American Infrastructure of San Antonio. The operator struck a $1.3 billion agreement with Texas in 2006 to finance, develop and operate segments five and six of the highway, which boasts an 85 mile-per-hour speed limit, the highest in the country. Construction began in 2009 and the highway opened in 2012, allowing the operators to begin collecting tolls. However, the highway never lived up to traffic projections, according to credit rating agency Moody's, and in court documents the operator said it had run short of cash.
