Abertis PR Deal Brings Ambac Suit

In Puerto Rico, a deal between Spanish highway developer Abertis and Puerto Rico’s Highway and Transportation Authority (PRHTA) to extend the term of Abertis’s Metropistas highway concession became ensnared in Puerto Rico’s debt default and led Ambac Assurance to file a lawsuit. Under the deal, Abertis is to make a $100-million upfront payment to PRHTA in exchange for extending by 10 years, to 2061, the 40-year concession it holds for PR-5 and PR-22. Abertis will make a second US$15-million payment once it completes, by no later than June 2017, a new bi-directional dynamic toll system on PR-22.


About Bill Reinhardt

Editor of Public Works Financing newsletter
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