Menu Sectors
Project Finance Copying and distributing are prohibited without permission of the publisher


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...

Latest Deals Database updates

Reading Civic Centre Update date 17/04/2014
Sector Social Infrastructure/PPP/P3/PFI > Social Housing
Country Europe - EU > UK
Total Debt Loan Amount
Status Preferred bidder
El Limon-Guajes Gold Update date 17/04/2014
Sector Mining/Metals > Metals
Country Latin America > Mexico
Total Debt Loan Amount
Status Finance mandated
Highway 407 East (Phase 2) Update date 17/04/2014
Sector Transport > Highway maintenance
Country North America > USA
Total Debt Loan Amount
Status RFP
Change font size: Switch to default font size Switch to medium font size Switch to large font size