Friday, June 25, 2010

The Southern Connector goes bankrupt

Among the public transportation issues VUI has reported on over the past few months, we noted the trouble that Connector 2000, the non profit entity that manages the public-private Southern Connector toll rode was having meeting its financial obligations.  The Southern Connector was never a big hit to drivers in the Upstate, but when the economy struggled, even fewer drivers paid the toll to bypass Greenville traffic.  


Recently, Connector 2000 filed for bankruptcy and claimed to owe $370 million dollars of debt, with only $150 million of that debt being secured.  Have no doubts, the bankruptcy of the Southern Connector is going to be a big political and legal mess.  


The irony of the situation is that tens of millions of taxpayer dollars are being spent on I-385, the road that the Southern Connector was built to complement.  


More on this later, but for now, all VUI has to say is that we saw this coming. 

2 comments:

  1. AnonymousJune 25, 2010

    It's been coming ever since it was built.

    ReplyDelete
  2. AnonymousJune 25, 2010

    It's been coming ever since it was built.

    ReplyDelete