The court approved ITR Concession's disclosure statement and confirmed its joint prepackaged plan about five weeks after the Sept. 21, 2014 Chapter 11 filing, moving the Indiana Toll Road operator from petition to confirmed exit framework in one compressed step source filing. The debtor group included ITR Concession Company LLC, ITR Concession Company Holdings LLC and Statewide Mobility Partners LLC; the lead debtor listed more than $1 billion in assets, more than $1 billion in liabilities and more than 100,000 creditors in the petition source filing.

The case centered on the 157-mile Indiana Toll Road concession, running from the Illinois line to the Ohio line under an Indiana Finance Authority concession lasting through 2081 source filing. ITR entered Chapter 11 with roughly $6.0 billion of funded debt, including about $3.86 billion of first-priority syndicated bank debt and $2.15 billion of pari passu first-lien hedge obligations; the plan set up either a competitive sale of substantially all assets by Aug. 1, 2015 or a fallback balance-sheet restructuring with $2.75 billion of new senior secured debt and 95.75% of new equity for senior secured creditors source filing. Voting support was overwhelming: Class 3 senior secured creditors accepted by 98.91% in number and 97.79% in amount, and Class 7 Statewide interests accepted unanimously source filing.