SC toll road operator files for bankruptcy
Jun 24, 2010 3:52:00 PM - thestate.com
The nonprofit that manages a 16-mile toll road in northwestern South Carolina has filed for bankruptcy, citing substantially lower traffic than expected.
The Connector 2000 Association Inc. filed Thursday for Chapter 9 bankruptcy. The nonprofit operates the Southern Connector in Greenville, one of the state's two toll roads.
In a release, the association says the road will remain open and drivers won't see any change in the road's operation.
The state-owned, privately-funded road opened in 2001. Traffic has remained less than half of what was expected.
According to filings, the association hasn't been collecting enough in tolls to pay the debt, despite toll increases in 2005 and 2009. The cash rate for a car traveling the entire length is $2.50.
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