San Antonio Express-News 6/19/14 By Vianna Davila

SAN ANTONIO — SH 130 Concession Co., which built and operates the 41-mile toll road from Seguin to south of Austin, doesn’t have enough money on hand to make some debt payments due on June 30, according to a report released Thursday by Moody’s Investor Service.
The toll road company, which has struggled to attract traffic to the toll road despite an 85-mile-an-hour speed limit, is working on a debt restructuring plan, Moody’s said, but it won’t be completed until at least the fall.
SH 130 Concession Co. — 65 percent owned by Cintra Tx 56, a Spanish company, and Zachry Toll Road 56, of San Antonio — has the contract with the Texas Department of Transportation to operate the road and collect tolls, with some of the revenue going to the state.
“The sponsors are finalizing an agreement with senior lenders to waive a portion of the June 2014 payment to allow the payment to be missed without triggering an event of default under the financing documents,” Moody’s, a credit-rating agency, said.
“If an agreement is not reached and absent any remediation support on the part of the sponsors, a payment default under the financing agreement will occur,” Moody’s reported.

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