News / BrissConnections collapses into receivership in Australia

BrissConnections collapses into receivership in Australia

🕔 February 21, 2013

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Brisbane toll road operator BrisConnections has falled into receivership after a syndicate of lenders rejected a restructure plan for the company, which operates the M7 road in Queensland.

Traffic through the road is tracking at about 50,000 cars per day, well below the 130,000 forecast, and the company is holding on to about $3 billion in debt. The road opened last July. Problems first appeared in 2010 when Leighton warned of higher than expected costs. Recently Leighton Holdings wrote down its investment in the road last November, although Macquarie Bank increased its investment and now owns 46% of the equity.

Two years ago, the Clem7 road run by RiverCity was placed in receivership, while the Cross City Tunnel and Lane Cove Tunnel were also placed in receivership in 2006 and 2010 respectively.

PPB Advisory has been called in as receiver to the group, with partners David McEvoy, Christopher Hill and Michael Owen appointed. In a statement, McEvoy said the appointment followed the announcement of McGrath Nicol as administrators.

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