RT info:eu-repo/semantics/conferenceObject
T1 Toll highways in financial distress: The winding road to terminate the contracts
A1 Baeza Muñoz, María de los Ángeles
A1 Garrido Maza, Laura
A1 Vassallo Magro, José Manuel
A1 García Moral, Andrés
K1 Autopistas
K1 Highways
K1 Peajes
K1 Tolls
K1 Ingeniería civil
K1 Civil engineering
K1 Transporte
K1 Transportation
AB Spain has extensive experience in the promotion of toll highways through contractual publicprivate partnerships (PPPs) in the form of concession contracts. The Central Governmenthas awarded thirty-two contracts since 1967, fourteen of them in the last two decades. Overtime, Spain has been developing a broader legal framework to regulate these contracts.However, in 2013, nine out of the fourteen toll highways awarded between 1999 and 2006filed for bankruptcy after years of financial distress. Most of these projects had been inoperation for less than eight years and were severely affected by optimistic estimates oftraffic demand and the economic crisis of 2007.Given the imminent termination of the contracts, the government, the concessionaires andthe financial institutions began to position themselves strategically, and adopted differentmeasures to safeguard their own interests. Their decision-making has been highly motivatedby a legal provision —known as State’s Financial Liability— that guaranteed a terminationpayment to the PPP contractor in case bankruptcy was not attributable to the private sector.This research shows the causes that motivated the bankruptcy of the contracts, and studiesthe strategical behavior of the different stakeholders involved according to their specificinterests. From this case study, some lessons are provided on the correct way to designtermination clauses in PPP contracts with the aim of safeguarding good service to the userwhile, at the same time, avoiding opportunistic behavior.
PB Universidad de Burgos. Servicio de Publicaciones e Imagen Institucional
SN 978-84-18465-12-3
YR 2021
FD 2021-07
LK http://hdl.handle.net/10259/6869
UL http://hdl.handle.net/10259/6869
LA eng
NO Trabajo presentado en: R-Evolucionando el transporte, XIV Congreso de Ingeniería del Transporte (CIT 2021), realizado en modalidad online los días 6, 7 y 8 de julio de 2021, organizado por la Universidad de Burgos
DS Repositorio Institucional de la Universidad de Burgos
RD 25-abr-2024