Camino del Atlantico SA CV

Concluded

In September 1990, Buenos Aires’ provincial government signed a 15 year concession contract with Camino del Atlantico SA CV for the operation of Provincial route 11. In 2002 the concession was extended for additional six years. Camino del Atlantico SA CV, which was owned by Coarco SA, was selected based on the highest revenues sharing with the provincial government. The winning consortium offered to transfer 50.01% of gross toll revenues. There was not public information on investment commitments made by the concessionaire. In 1991 the concession was renegotiated and the new agreement included: • Eliminating concession fees • Setting different tariffs by station, which were lower than maximum tariff. • Changing investment plan during the concession period. • Relating toll booths. • Accepting the indenmization request by the concessionaire for the temporary suspention of toll fees. The elimnation of concession fees questioned by the provincial comptroller because it was the selection criteria for awarding the contract. In May 2002, the provincial government restablished the concession fees because the concession revenues were higher than tose required for maintaining the concession profiability In 2006, the provincial government request to cancel the contract due to the financial inability of the concessionaire to finance the investment program planned by the provincial government. In 2011, the provincial government created the "Corredor Vial Integrado del Atlantico" that includes the Ruta Provincial Nº11 (the present concession, project ID 3179) and the Rutas Provinciales Nº 2 (project ID 881), Nº 36, Nº 56, Nº 63 and Nº 74. The whole corridor was transferred to a single new Concessionaire Autovia del Mar (project ID 7580) in June 2011. Camino del Atlantico SA was financially compensated by Autovia del Mar SA for the early termination of the contract.