Queensland toll road operator BrisConnections has collapsed seven months after the opening of the troubled $4.8 billion Airport Link tollway in Brisbane.
The 6.7 kilometre tollway was only used by an average of 47,000 motorists a day through December, falling well short of the 135,000 vehicles a day that had been forecast to use the road from July onwards.
A consortium of 10 banks, including ANZ, Deutsche Bank and BNP Paribas, appointed PPB Advisory as receivers after lending $3.3 billion to the company.
This article first appeared on LeadingCompany’s sister site, StartupSmart.
ABOUT THE AUTHOR
Myriam Robin is a reporter for SmartCompany and its sister site LeadingCompany. She has degrees in economics, international studies and journalism. She likes writing about businesses taking risks and doing new things.
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