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Creditors to take over toll road operations

Friday - 6/14/2013, 9:41am  ET

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 (http://bit.ly/18FW2U9 ), 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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Information from: Richmond Times-Dispatch, http://www.timesdispatch.com


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