Ferrovial Puts Madrid Toll Road Into Bankruptcy

Law360, Wilmington (October 25, 2012, 8:39 PM EDT) -- Eight years after inking a €525 million ($680 million) contract to build and operate the AP-36 Ocana-La Roda highway near Madrid, Spanish infrastructure giant Ferrovial SA has put the asset into bankruptcy, a spokesman confirmed Thursday.

Madrid-based Ferrovial, which holds a 55 percent stake in the AP-36 toll road, and two minority owners requested a “judicial declaration of voluntary insolvency” for the project from a Spanish court on Oct. 19, according to the company.

In a statement last week, Ferrovial said the project has been hurt...
To view the full article, register now.