SH 130 Concession Company Completes Restructuring Under New Leadership
Emerges From Chapter 11 Protection With New Financing That Strengthens Balance Sheet And Enables Roadway Improvements
MUSTANG RIDGE, TEXAS (June 28, 2017) — SH 130 Concession Company, the private entity that operates and maintains the 41-mile southern section of State Highway 130, has emerged from Chapter 11 protection with new ownership, new senior management and $260 million in new financing for roadway improvements and organizational restructuring.
The new majority ownership group is Strategic Value Partners, a U.S.-based investment firm. Transportation industry veteran Andy Bailey has been named Chief Executive Officer of the concession, effective immediately.
“SH 130 Concession Company has emerged from the Chapter 11 process as a much stronger company,” Bailey said. “Our capital structure has been transformed and the company’s new owners are committed to investing in the improvements, technology and people needed to enhance the driving experience for our existing customers and attract new drivers to the roadway.”
Mr. Bailey spent 25 years with the Virginia Department of Transportation before retiring as Deputy Commissioner, the highest career level position in the department, in 2002. As Deputy Commissioner, he was responsible for highway design, construction, maintenance and operations for the third largest state transportation system in the United States.
Mike Pillsbury now serves as the company’s Chief Operating Officer, bringing to the job more than 40 years of experience in construction and engineering management in both the public and private sectors.
More than 7.68 million toll transactions were completed along the southern section of SH 130 in 2016, an 11 percent increase compared to 2015. Truck traffic increased by 15 percent in the period.
About SH 130 Concession Company
The only American-owned toll road concession in the U.S., Texas-based SH 130 Concession Company operates and maintains the 41-mile section of State Highway 130 south of Austin through a long-term public-private partnership with the State of Texas. The southern segments 5&6 of the roadway opened in 2012 and connect seamlessly with the state-operated northern portion of SH 130, creating a 91-mile high-speed alternative to the heavily congested I-35 corridor in Central Texas. SH 130 Concession Company has invested more than $160M in recent years to enhance safety, improve the driving experience and prepare for future growth. The roadway maintains excellent asset condition scores from TxDOT and a driver satisfaction rating of over 90%. With ongoing roadwork on I-35 for the foreseeable future, SH 130 offers a safe, reliable, efficient and comfortable choice for long-distance freight and passenger vehicles moving through Central Texas.
For more information, contact James Lovett at 512-618-4986.
