Indiana I-69 Distress Call

The already distressed players building the I-69 highway P3 project in Indiana were scrambling in late March to reduce their exposure to the possible insolvency of Spanish concessionaire Grupo Isolux Corsán SA after its last-ditch bank loan fell apart in Madrid. Isolux now is 94.5% owned by its banks. Under Spanish law they have four months to reach an agreement with creditors to avoid a full-blown insolvency process. There is concern that the banks might win a stay of Isolux’s U.S. claims until larger issues are settled.

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About Bill Reinhardt

Editor of Public Works Financing newsletter
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