ITR Concession negotiates $5.73 billion asset sale with IFM Investors

By Kali Hays

New York, March 11 – ITR Concession Co. LLC entered into an agreement with IFM Investors, on behalf of IFM Global Infrastructure Fund, for a $5.73 billion sale of substantially all of ITR’s assets, according to a Wednesday news release.

The agreement requires that ITR continue to operate and maintain its toll road, a 157-mile divided highway that spans northern Indiana from its border with Ohio to the Illinois state line near Chicago.

In addition, IRT will retain the exclusive right to collect toll revenues during the span of its lease agreement with the Indiana Finance Authority, “which has a remaining life of 66 years,” according to the release.

The closing of the transaction is still subject to certain government authorizations and approvals, including that of the Indiana Finance Authority.

As previously reported, ITR’s confirmed plan of reorganization called for either a sale of company assets or a comprehensive balance sheet restructuring.

The sale process was conducted by a special committee of ITR’s board of directors, which already approved the sale to IFM.

Of the acquisition, IFM head of infrastructure Julio Garcia said that ITR represents a “unique opportunity to invest in a high quality United States infrastructure asset,” and that “ITR is strategically important to the North American transportation network,” according to the release.

ITR is a Chicago-based toll road operator that filed for bankruptcy on Sept. 21, 2014. The Chapter 11 case number is 14-34284.

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