Pocahontas Parkway To Be Taken Over By Creditors - 8NEWS - WRIC | News Where You Live

Pocahontas Parkway To Be Taken Over By Creditors

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RICHMOND, Va. (AP) - Creditors are taking over operation of a privately run, state-owned toll road that has failed to generate enough revenue to cover its debt payments.
    
An Australian company, Transurban, has operated Pocahontas 895 since 2006. According to the Richmond Times-Dispatch, the company confirmed Thursday that it will transfer its agreement with the state to a group of European banks that hold more than $300 million in debt on the project.
    
The road crosses the James River between Chesterfield and Henrico counties. The toll for a two-axle vehicle is $3.25 during peak commuter hours and $3 during non-peak hours on weekdays. It drops to $2.75 on weekends
    
Transurban marketing director Pierce Coffee says it's unclear who will operate the toll road for the creditors, but travelers should see no difference.
    


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