According to a report by Reuters, some of the world's largest pension funds and infrastructure investors are forming consortia to bid for the operator of an Indiana toll road that filed for bankruptcy last month.
Indiana agreed in 2006 to lease the 253 kilometre highway, billed as the Main Street of the Midwest, for 75 years in return for US$3.8 billion. It stretches across the northernmost part of Indiana from Ohio to Illinois, linking Chicago with the largest cities on the eastern seaboard.
While former Indiana Governor Mitch Daniels described it as the deal of a lifetime, opponents fought the agreement all the way to the state's Supreme Court, arguing the state was surrendering an important revenue stream.
However, almost as soon as the deal closed, the US slid into a deep recession and has been slow to recover from a financial crisis in 2008. Traffic volume on the toll road in 2013 was 10.7 per cent below the 2007 level, according to documents filed with the US Bankruptcy Court in Chicago.
Among the players cited in the report are5428 Cintra, 4419 Ferrovial, 1813 Autostrade Meridionali and 6605 Abertis Infraestructuras. An auction is expected to kick off next month and a deal will probably value the road at $4 billion to $5 billion.
Indiana agreed in 2006 to lease the 253 kilometre highway, billed as the Main Street of the Midwest, for 75 years in return for US$3.8 billion. It stretches across the northernmost part of Indiana from Ohio to Illinois, linking Chicago with the largest cities on the eastern seaboard.
While former Indiana Governor Mitch Daniels described it as the deal of a lifetime, opponents fought the agreement all the way to the state's Supreme Court, arguing the state was surrendering an important revenue stream.
However, almost as soon as the deal closed, the US slid into a deep recession and has been slow to recover from a financial crisis in 2008. Traffic volume on the toll road in 2013 was 10.7 per cent below the 2007 level, according to documents filed with the US Bankruptcy Court in Chicago.
Among the players cited in the report are
