The private company which operates the Indiana Toll Road is filing for bankruptcy today.
ITR Concession Company is the operating arm of a Spanish-Australian consortium which paid nearly $4 billion for a 75-year lease on the Toll Road in 2006.
The lease says Indiana gets the road back if ITR is unable to fulfill its responsibility, but the company says the Chapter 11 filing won‘t affect road operations.
The company says it already has agreements in place with its creditors on how it will restructure its debt. Those options include selling the lease to another operator.
The state warned ITR last month it would be in default if it didn‘t address its ballooning debt.