Economic collapse and transit financing

Via Yglesias Judge grants DC's Metro transit system relief after Belgian bank demands $43 million payment - Los Angeles Times

"WASHINGTON (AP) _ A federal judge has granted temporary relief to the Washington area's transit agency after a Belgian bank threatened to immediately collect $43 million on a loan.

KBC Group requested the money following the collapse of insurance giant American International Group, which had guaranteed a financing deal with the Metro system in 2002.

The transit agency says the bank's demand would require immediate cuts and delay improvements at a time when ridership is rising. It warned that other agencies could face the same predicament.

U.S. District Judge Rosemary M. Collyer said Thursday she would hold a hearing Nov. 12 for the parties to argue the case."

Similar stories seems to be affecting lots of agencies that borrow funds. See also:

The Reckoning - From Midwest to M.T.A., Pain From Global Gamble

David Levinson

Network Reliability in Practice

Evolving Transportation Networks

Place and Plexus

The Transportation Experience

Access to Destinations

Assessing the Benefits and Costs of Intelligent Transportation Systems

Financing Transportation Networks

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This page contains a single entry by David Levinson published on November 2, 2008 8:02 AM.

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