Mazatlan-Culiacan Toll Road

cancelled

The construction works started in Sep. 1990 and were concluded in Aug. 1992. The project company ownership is distributed as follows: ICA has 51% and Tricesa (Tribasa - 80%; CIESA, acquired by Tribasa in 1993 - 20%) has 49%. Financial closure was initially achieved as follows: 25% in equity from private sponsors, 18% in equity from the state government, 25% in transfers from CAPUFE (state owned company that manages public toll roads) and 32% in debt from Bancomer. This project has been selected to be returned to government management: the fact that the project revenues were overestimated and the devaluation crisis contributed for the sponsors difficulties in paying project related debts; the government is bailing out the sponsors and from 1999 on, the management of the toll road will return to the public sector. (Note: all values were converted to 1990 values from their original 1993 values.)