Bluefield Daily Telegraph, Bluefield, WV

June 14, 2013

Creditors to take over toll road operations


Associated Press

RICHMOND, Va. — Creditors are taking over operation of a privately run, state-owned toll road that has failed to generate enough revenue to cover its debt payments.

An Australian company, Transurban, has operated Pocahontas 895 since 2006. According to the Richmond Times-Dispatch, the company confirmed Thursday that it will transfer its agreement with the state to a group of European banks that hold more than $300 million in debt on the project.

The road crosses the James River between Chesterfield and Henrico counties. The toll for a two-axle vehicle is $3.25 during peak commuter hours and $3 during non-peak hours on weekdays. It drops to $2.75 on weekends

Transurban marketing director Pierce Coffee says it’s unclear who will operate the toll road for the creditors, but travelers should see no difference.