RICHMOND, Va. (AP) – Creditors are taking over operation of a privately run, state-owned toll road that has failed to generate enough revenue to cover its debt payments.
An Australian company, Transurban, has operated Pocahontas 895 since 2006. According to the Richmond Times-Dispatch, the company confirmed Thursday that it will transfer its agreement with the state to a group of European banks that hold more than $300 million in debt on the project.
The road crosses the James River between Chesterfield and Henrico counties. The toll for a two-axle vehicle is $3.25 during peak commuter hours and $3 during non-peak hours on weekdays. It drops to $2.75 on weekends
Transurban marketing director Pierce Coffee says it's unclear who will operate the toll road for the creditors, but travelers should see no difference.
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