Kirkland & Ellis LLP advised the Special Committee of the Board of Directors of Statewide Mobility Partners in the sale of its wholly owned subsidiary ITR Concession Company (ITRCC) to IFM Investors for $5.725 billion in cash. ITRCC holds the right to operate the Indiana Toll Road, a 157-mile highway spanning the State of Indiana. IFM Investors is a global infrastructure investment firm.
ITRCC is party to a voluntary bankruptcy proceeding under Chapter 11 of the Bankruptcy Code. Pursuant to a prepackaged plan of reorganization of ITRCC confirmed by the Bankruptcy Court, the Special Committee of the Board of Directors of Statewide was granted the authority to run a competitive bidding process for the sale of ITRCC and to approve a sale of ITRCC. Pursuant to that authority, the Special Committee has approved the sale of ITRCC to IFM Investors under the terms of the purchase and sale agreement. The sale would represent a recovery of over 90 cents on the dollar for secured creditors, a full payout for unsecured creditors and a substantial recovery for the equity sponsors.
The Kirkland team was led by corporate partners Tom Christopher and Mike Brueck, restructuring partner Marc Kieselstein and associate Greg Pesce and debt finance partner Michelle Kilkenney.