Allens Arthur Robinson, Gilbert + Tobin and Minter Ellison have been called on to advise on the sale or recapitalisation of Sydney’s Lane Cove Tunnel after the company was placed into receivership by creditors.
Allens is acting for the guarantor of the road’s bond facilities, MBIA Insurance; Minter Ellison is acting for the voluntary administrators, KordaMentha; and Gilbert + Tobin is acting for the bond and security trustee, BNY Mellon Australia.
The company was refused an extension to its repayment schedule of A$1.1bn of debt and MBIA has been sounding out potential buyers of the asset since September. Goldman Sachs JBWere is expected to receive a mandate to arrange a sale of the troubled toll road.
