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Receivers and Managers appointed to the CrossCity Tunnel and its associated entities

KordaMentha partners Martin Madden and Cassandra Mathews have been appointed Receivers and Managers to six (6) CrossCity tunnel holding and operating entities - CrossCity Motorway Pty Ltd, CCT Motorway Finance Pty Limited, CM Holdings Trust Pty Limited, CCT Motorway Company Nominees Pty Limited, CrossCity Motorway Nominees No. 2 Pty Ltd and CCT Motorway Group Holdings Pty Ltd. The appointment of receivers follows the appointment by the directors of voluntary administrators to those same entities on 13 September 2013.

This appointment is over all the entities in the CrossCity group, including the concession agreement with the government that allows CCT to operate and charge tolls on the tunnel. The appointment does not affect the operating activities and traffic flow through the CrossCity Tunnel. The operation of the tunnel will continue as normal, and customers, employees and other stakeholders will not see an impact as a result of these appointments.

 

KordaMentha partner Martin Madden said: “The tunnel is a world-class piece of Sydney infrastructure that will continue to play a vital function for the people of this City for generations to come. The receivers are confident the tunnel is an attractive asset which will provide solid returns for the right buyer.” 

The secured creditors to the entities have signalled their intention to work constructively with the receivers of the tunnel and support the sale process. 

 

Operationally, management will continue to manage the operating activities on a day-to-day basis and drivers should not notice any changes. 


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