ITR Concession Company LLC (ITRCC), the private operator of the Indiana Toll Road (ITR), today announced that it received approval of all critical first-day motions at its “first day” hearing in the United States Bankruptcy Court in the Northern District of Illinois presided over by Bankruptcy Judge Pamela S. Hollis. The Bankruptcy Court approved, among other things, ITRCC’s requests to continue to cover its obligations to pay employee wages; provide health care and other benefits; continue existing customer programs, including E-ZPass electronic toll collection accounts; continue to access cash collateral to pay operating expenses in the ordinary course; and pay pre-filing trade and other general unsecured claims.
The Bankruptcy Court also set Oct. 28, 2014, as the date for the confirmation hearing for ITRCC’s prepackaged Chapter 11 plan, which has already received acceptances from holders of nearly 98 percent of ITRCC’s senior secured creditors.
“We are pleased with the Court’s approval of our first-day motions as it further ensures that it will be business as usual,” said Fernando Redondo, ITRCC chief executive officer. “The employees, vendors, customers and communities we serve will not notice any change in operations. Today’s decision is a critical first step in what we expect will be a timely process given the strong backing our plan has from its lenders.”
ITRCC, and its affiliates, including ITR Concession Company Holdings LLC and Statewide Mobility Partners LLC, filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court in the Northern District of Illinois on Sept. 21, 2014. The case number is Case No. 14-34284 (PSH) and is being presided over by the Honorable Pamela S. Hollis. Interested parties can find updates and additional information at ITRCC’s website at www.ezpassin.com/restructuring, and at ITRCC’s notice and claims agent’s website at http://www.kccllc.net/ITR.
Kirkland & Ellis LLP is serving as legal adviser to ITRCC. UBS Investment Bank is serving as financial adviser to the Special Committee of the Board of Directors of Statewide Mobility Partners LLC, and is handling the sale process for ITRCC. Moelis & Company LLC is serving as financial adviser to ITRCC in connection with the restructuring. Houlihan Lokey Capital, Inc., is serving as financial adviser and Milbank, Tweed, Hadley & McCloy LLP and Taft, Stettinus & Hollister LLP are serving as co-counsel to the Committee of Secured Lenders.
Source: ITR Concession Company LLC, Inside INdiana Business