- Associated Press - Wednesday, March 2, 2016

AUSTIN, Texas (AP) - The company that built and manages America’s fastest superhighway has filed for Chapter 11 bankruptcy protection from its creditors.

SH 130 Concession Co. filed its bankruptcy petition Wednesday in federal court in Austin, Texas. The filing comes after less-than-expected traffic volume has led to lagging payments on the $1.7 billion debt owed on the project, including almost $1.3 billion in principal and more than $400 million in interest, expenses and fees.

Company CEO Alfonso Orol assures the Austin American-Statesman (https://atxne.ws/1Lzrt6E) that the filing will have no effect on the users of the 90-mile stretch of Texas 130 and its 85-mph speed limit or on the company’s employees and vendors.

Spanish builder Cintra owns 65 percent of the company, with 35 percent owned by San Antonio-based Zachry Construction Co.


Information from: Austin American-Statesman, https://www.statesman.com

Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times is switching its third-party commenting system from Disqus to Spot.IM. You will need to either create an account with Spot.im or if you wish to use your Disqus account look under the Conversation for the link "Have a Disqus Account?". Please read our Comment Policy before commenting.


Click to Read More and View Comments

Click to Hide