What do the Pocahontas Parkway (Richmond, Va., vicinity), South Bay Expressway (San Diego, Calif.) and Indiana Toll Road have in common?
All are toll road projects that are currently undergoing or have been through a restructuring – or even bankruptcy. While traditional restructuring tools are certainly available in restructuring toll road deals, toll road restructurings also present unique considerations that warrant special attention.
Toll road revenues have been adversely affected by the economic recession and rising gas prices, which drove down traffic overall. The availability of alternative, free public roads has also dissuaded drivers from using toll roads. In some instances, toll roads have not achieved revenue projections because they were built in anticipation of new housing and commercial developments that never materialized.
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