SH 130 Restructuring Plan Approved by Court

AUSTIN, Texas, May 19, 2017 /PRNewswire-USNewswire/ — SH 130 Concession Company announced that yesterday the United States Bankruptcy Court for the Western District of Texas (Austin Division) confirmed its Modified Second Amended Joint Plan of Reorganization.   This confirmation clears the way for the Company to emerge from bankruptcy with new equity partners by the end of June.

“We are pleased to have completed this important step in the bankruptcy process and look forward to emerging as a stronger company,” said Alfonso Orol, SH 130’s Chief Executive Officer.  Andy Bailey, SH 130’s incoming Chief Executive Officer said, “With the substantial support of the Steering Committee of Creditors, led by Strategic Value Partners, LLC, and The U.S. Department of Transportation’s Build America Bureau, the financial restructuring process has left the Company with significantly less leverage and an improved capital structure.  This financial stability coupled with a commitment to on-going capital improvements leaves the Company well-positioned for future growth and sustained success.”

The Plan of Reorganization provides for a restructuring of the Company’s balance sheet, as well as distributions of cash, new indebtedness, and equity to various classes of creditors and stakeholders.  Additionally, SH 130 has received Court approval to enter into a new fully committed $260 million senior secured term debt facility led by Goldman Sachs at the effective date.  Under the terms of the new facility, SH 130 emerges with a more conservative leverage profile and increased financial flexibility. 

Finally, the Company would like to recognize and thank its employees for their continuous effort and commitment.

Court documents and additional information are available through SH 130’s claims agent, Prime Clerk, at https://cases.primeclerk.com/SH130.

About SH 130

SH 130 operates and maintains Segments 5 & 6 of State Highway 130 from Mustang Ridge to Seguin, Texas. The 41-mile section of the toll road immediately south of Austin offers a speed limit of 85 MPH — the highest in the United States. The road is owned by the Texas Department of Transportation, which has leased the facility to SH 130 for 50 years. To learn more visit mysh130.com.

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SOURCE SH 130