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
SH 130 Concession Co. operates and maintains Segments 5 & 6 of SH 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 road is owned by the State of Texas, which has leased the facility to SH 130 Concession Co. until 2062.
For more information contact James Lovett at 512-618-4986 or Kate Miller Morton at 512-922-6277.