According to the U.S. Bankruptcy Court docket, privately-held SH 130 Concession Company and two affiliated Debtors filed for Chapter 11 protection in Austin, TX.
SH 130 Concession Company states that this bankruptcy filing was initiated “in order to address its outstanding debt obligations.” C.E.O. Orol Alfonso comments, “The filing will have no financial impact on the state of Texas.” The State of Texas owns the 41-mile southern section of the SH 130 facility and leases the right to operate and maintain it through a facility concession agreement with SH 130 Concession Company. This agreement remains in place and will continue to protect the public interest during these Chapter 11 proceedings.
Documents filed with the Court explain, “Traffic on SH 130 has increased every year since the facility opened in 2012, including a 15 percent year-over-year increase in 2015. However, traffic has not met original expectations due to the lingering effects of the recession, which reduced traffic volumes regionally during the project’s early years and delayed development along the largely rural SH 130 corridor.”
SH 130 Concession Company’s Chapter 11 petition indicates total assets greater than $1 billion. Read more bankrupt company news.
The post SH 130 Concession Company Chapter 11 Petition Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.