Tag Archives: aucosta

Vera – Cartagena toll road goes bankrupt and will be nationalised

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The company behind the Vera – Cartagena toll road will be wound up and the road be nationalised, the state government has announced today. OK, the company itself went bankrupt a few years ago, but today any hope of rescue has been abandoned and the company will be closed down. In all, eight bankrupt toll roads across the country will be nationalised. In all, these roads owe the banks more than €3.4 billion. The state Continue reading Vera – Cartagena toll road goes bankrupt and will be nationalised→

Cartagena – Vera toll road enters bankruptcy proceedings

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The Cartagena – Vera toll road has filed a petition for bankruptcy protection in the Madrid courts, as it cannot meet debt repayments on the 550 million euro debt the holding company owes. According to the company, non payments of maintainence by the Junta and Murcia, and very low (I would say almost non-existent) traffic levels means that it hasn’t been able to keep up with the payments since September 2011. Aucosta, the company that Continue reading Cartagena – Vera toll road enters bankruptcy proceedings→

Vera – Cartagena toll road in financial difficulties

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Rumours abound that Aucosta, the company that has the lease to operate the Vera – Cartagena toll road, is losing so much money on it that it’s about to return the road, and the associated debts, back to the State. Aucosta projected that to break even, it needed 7,000 users a day on the road, and hoped for an average of about 10,000 on its business plan. It’s had an average, so far this year, Continue reading Vera – Cartagena toll road in financial difficulties→