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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.