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Spain to bail out toll roads

Source: Reuters - Thu 28th Feb 2013
Spain to bail out toll roads

Spain is close to nationalising 9 or 10 toll road concessions, some of which are already in administration, to avoid them being completely liquidated, Expansion newspaper reported on Thursday, citing government sources.

5 concession groups, managing 6 motorways close to Madrid and in the south of Spain, are already in bankruptcy proceedings. That process normally protects companies from creditors and can allow them to renegotiate debt.

The government is planning to bail those out and could also rescue another 4 to 5 other toll road concessions that are struggling, Expansion said.

It said the nationalisations would be done in agreement with creditors and investors, which would likely have to take losses.

The Public Works Ministry was not available to comment.

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