North Carolina Governor Wants to Investigate Toll Company’s Bankruptcy

by San Antonio Attorney

North Carolina Gov. Patrick McCrory wants to send a team to Austin, Texas after Cintra’s subsidiary company initiated a bankruptcy filing.

The company is also held responsible for the I-77 Project in Texas.  The subsidiary offices run the 130 toll lanes of the State Highway in the Austin area.

However, SH 130 is currently experiencing low usage of the roadway and carries more than $1 billion in debt.

McCrory stated that their actions are a ‘thorough review’ of what the state intends to do and how this can affect the project of North Carolina.

McCrory’s team has been instructed to review every option possible.

However, for Charles Jeter, State Representative of R-Huntersville, only one option is quite feasible and that is to opt out of the deal and take legal action as a state.

The toll lane project of I-77 has been a subject of controversy right from the beginning.

Sharon Hudson, a resident of Widen I-77, initiated an opposition group for the project last 2012.  Hudson emphasized that the failures in the Texas projects affirms the opposition group’s principles.

Hudson added that should toll lanes be built, it will cause detriment in their area and eventually affect the economy, decreased real estate values and other problems.  These problems will not bring joy to citizens living in that area and that is why the opposition group has asserted this for years for the benefit of North Carolina.

Nick Tennyson, NCDOT Secretary will make a visit to Texas on Monday to follow up matters.

Tennyson said that it is highly important to bear in mind that the current contract stipulates taxpayer’s protection from financial losses.

However, Jeter foresees that if the company declares bankruptcy, the taxpayers will suffer for its losses.

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