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Transport

02 February 2011

Solid secured recoveries under SBX reorganisation plan South Bay Expressway and California Transportation Ventures have filed a bank­ruptcy reorganisation plan with the US Bankruptcy Court for the Southern District of California. The plan calls for the creation of $288 million in new senior secured debt, of which lenders BBVA and Depfa would receive $196.1 million on a pro rata basis and the US Department of Transportation TIFIA programme $91.9 million. Existing equity, from Macquarie’s Atlas Roads Group, would be wiped out. The lenders and the DOT have until 15 June 2011 to approve the plan. The lenders are entitled to $363.3 million, according to documents filed with the court on 29 December 2010. Of that, $208.5 million is secured and $154.8 million is unsecured. The secured tranche would be made 94.1% whole and the unsecured tranche would be repaid with 68.08% of the new project equity under the proposed reorganisation. Orrick is...

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