Transurban Group Ltd announced it would acquire Sydney's Cross City Tunnel (CCT) debt from the Royal Bank of Scotland (RBS). The toll road's debt would amount to USD475 million. This was according to a report published by Business Spectator.
The said purchase would be subject to regulatory approvals and asset inspections. RBS is the only secured creditor of CCT. Scott Charlton, chief executive of Transurban, revealed that the company intended to bid for the road when the sale commences, the report said.
The company said in a statement: "The acquisition of the senior debt in the CCT will allow us to work with the receivers to examine restructuring options for the asset and, ultimately, if successful in the sale process, put the asset onto a sustainable footing."
Presently, Transurban owns several of Sydney's major toll roads including the Lane Cove Tunnel, the Eastern Distributor, and the M2, M5, and M7 motorways, the Business Spectator reported.
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