ITR Concession Company LLC (ITRCC) is a subsidiary of
IFM Investors that operates and maintains the
Indiana East–West Toll Road. ITRCC has its headquarters in
Elkhart, Indiana. ITRCC assumed this responsibility from the
Indiana Department of Transportation on June 30, 2006, in accordance with a 75-year lease agreement, included as part of the 2005 "Major Moves" legislation proposed by Governor
Mitch Daniels and enacted by the
Indiana General Assembly in November 2005.
On September 22, 2014, ITRCC announced it had filed
Chapter 11 bankruptcy
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whe ...
, and that a sale process for the asset would commence. IFM Investors on March 11, 2015, announced that it had entered into a $5.725 billion agreement for the right to operate the Indiana Toll Road and collect toll revenue. On May 27, 2015, IFM announced it had reached financial close on its acquisition of ITRCC, and thus inherited the remaining 66 years of the concession lease agreement.
References
External links
Indiana Toll Road Website
Government of Indiana
Companies based in St. Joseph County, Indiana
Toll road operators
Toll roads in Indiana
Companies that filed for Chapter 11 bankruptcy in 2014
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