American Roads Gets OK For Prepack Bankruptcy Plan

Law360, New York (August 28, 2013, 5:41 PM EDT) -- A New York bankruptcy judge on Wednesday signed off on private equity-owned tunnel operator American Roads LLC’s prepackaged plan that will allow it to be taken over by bond insurer Syncora Guarantee Inc. and restructure $830 million in debt.

U.S. Bankruptcy Judge Burton R. Lifland signed off on the plan at a court hearing, casting aside objections from a group of bondholders who sought to slow the process down. The fast-track bankruptcy began in late July after the company was unable to overcome declining toll-road revenue....
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