Syncora To Take Over Bankrupt Detroit Tunnel Operator

Law360, New York (July 25, 2013, 3:31 PM EDT) -- Falling toll-road revenue has driven bond insurer Syncora Guarantee Inc. to take over a private equity-owned tunnel operator under a prepackaged bankruptcy plan filed in New York on Thursday to restructure $830 million in debt. 

Syncora will take control of American Roads Holding LLC, which operates a tunnel between Detroit and Windsor, Canada, and toll roads in Alabama, because a lackluster economy and the resultant fall in road traffic have left it unable to pay for the bond and swap debt it piled on in a...
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