Isolux Commits $75 Million In New Equity To Save I-69 P3

Spanish contractor Isolux Corsan agreed in late January to a $75-million recapitalization of its troubled I-69 highway P3 near Bloomington, IN, with the aim of substantially completing the $325-million project by June, 2018, eighteen months later than its original contracted date. As part of the memorandum of understanding negotiated with the Indiana Finance Authority, IFA agreed to increase its milestone payments for completed design-build work by $28 million to a total of $108 million. That additional contribution will be offset by a reduction in availability payments starting at the end of construction, minimizing the financial impact on the state.

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About Bill Reinhardt

Editor of Public Works Financing newsletter

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