RICHMOND, Va. (AP) — A Pennsylvania-based company has taken over operation of a privately run, state-owned toll road in Virginia.
The Richmond Times-Dispatch (http://bit.ly/1l2lI23 ) reports that DBi Services has replaced Transurban. The Australian company had operated Pocahontas 895 since 2006.
Transurban’s board voted in June 2013 to transfer its agreement with the state to a group of European banks that hold $300 million in debt on the project. The project also must repay a $150 million federal loan.
The 8.8-mile toll road runs between Henrico and Chesterfield counties.
Transurban spokesman Mike McGurk says the company has worked with stakeholders to find a solution that positions the project to be successful while having the least impact.
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Information from: Richmond Times-Dispatch, http://www.timesdispatch.com
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