Owner of Foley Beach Express bridge files bankruptcy

STAFF REPORT
Posted 8/5/13

ORANGE BEACH, Ala. - The company that owns the Foley Beach Express toll bridge, American Roads, has filed for bankruptcy according to information provided by the company to the City of Orange Beach.

In an email the company told the city it was …

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Owner of Foley Beach Express bridge files bankruptcy

Posted

ORANGE BEACH, Ala. - The company that owns the Foley Beach Express toll bridge, American Roads, has filed for bankruptcy according to information provided by the company to the City of Orange Beach.

In an email the company told the city it was filing for voluntary Chapter 11 bankruptcy protection, expected to be completed in about three months.

Also in the email the company said no operations in Orange Beach will be affected and no toll increases are anticipated.

According to a company website, American Roads is a privately held American company that owns and operates five toll road facilities, four of which are in Alabama.

In addition to the Foley Beach Express, the company also owns the Montgomery Express in Millbrook, the Tuscaloosa Bypass and the Emerald Mountain Expressway in Wetumpka. It also operates a tunnel that connects Detroit to Windsor, Ontario.

According to a company release, traffic volumes were blamed as the major cause of the bankruptcy. The company said a decline in the population of the Detroit area caused a fall in traffic through the Detroit-Windsor Tunnel. 

American Roads, owned by infrastructure investor Alinda Capital Partners LLC, is seeking to restructure $830 million in debt. The company fell short of projections made in 2006 when the company took on its debt.