A handful of highly leveraged toll road concessions that were bank-financed before the great recession are moving toward restructurings in the U.S., UK and Spain.

A large group of banks that lent $4 billion to developers of the Indiana Toll Road concession recently hired Kirkland & Ellis to represent them in a workout of bullet loans due in 2015.  A buyback of the 75-year lease by the state at a large discount from the $3.8-billion purchase price (40 times revenues) is being proposed by muni bankers.