Receivers take over Cross City Tunnel
Gone under: The owner of the tunnel has debts of about 560ドル million. (ABC TV)
Sydney's troubled Cross City Tunnel has been placed into receivership, with debts of about 560ドル million.
A syndicate of 16 domestic and international banks, which is owed the money, has appointed insolvency firm KordaMentha as receiver and manager of the tunnel.
The tunnel's operator had originally projected that 90,000 vehicles would use the road daily but it has fallen well short of that, with only about 30,000 making the journey each day.
In a statement, KordaMentha spokesman Martin Madden says the tunnel will continue to operate normally but options to boost usage will be looked at in the future.
He says the group will work closely with the tunnel's current management team, the Roads and Traffic Authority and the New South Wales Government.
"It will be business as usual," Mr Madden said.
"Our job is to ensure its continued smooth operations, including its ongoing maintenance, to ensure continuity of employment and ensure the business is adequately funded in the long term.
"We see this as the chance for a 'fresh start' for the tunnel.
"We believe, with some changes, it can and will succeed."
But he says no significant changes will be made immediately.
"It is year two of a 35-year project and we believe that the tunnel can ultimately be successful as an important piece of Sydney's traffic management infrastructure," Mr Madden said.
"We believe the banks' position can be protected."