Eight months after previous management filed for bankruptcy, the Indiana Toll Road has a new operator.
IFM Investors took ownership of the operation of the road and its pavilions after the state finance board approved the deal earlier this month.
The change in ownership comes after the original operator, ITR Concession, declared bankruptcy on more than $6 billion in debt last September.
That group will continue operating the toll road under the ownership of the new company.
Ken Daley, the new CEO of the Indiana Toll Road Concession Corporation, says IFM plans to invest $260 million to improve the road and its rest stop areas.
"We believe these improvements will create meaningful jobs growth over the next few years," Daley said, "and what's more, they will be made possible by the capital that was invested in the Toll Road by more than 70 U.S. pension funds via IFM Investors."
While the Indiana Toll Road is still property of the state, the operations and revenue were privatized by former Governor Mitch Daniels in 2006.
The proceeds of the lease funded the Major Moves initiative, a plan to repair and improve Indiana highways around the state.