Privatized Aussie tunnel goes belly-up

| 12/27/2006

The first fully privatized infrastructure project in Australia has gone bankrupt.

According to The Daily Telegraph, the Cross City Tunnel in Sydney went into receivership Tuesday, owing more than half a billion dollars to the banks that invested in it.

The tunnel opened last year and was expected to handle 90,000 paying vehicles a day, but only about one-third that many are actually using the tunnel, The Daily Telegraph reported.