Pocahontas Parkway To Be Taken Over By Creditors

(Image 1)

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.
    


Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s