Reuters: Bankruptcy News: Two Spanish road operators enter administration

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Two Spanish road operators enter administration Sep 14th 2012, 16:20 MADRID, Sept 14 | Fri Sep 14, 2012 12:20pm EDT MADRID, Sept 14 (Reuters) - Two Spanish road maintenance companies, whose shareholders include builders Ferrovial and Sacyr Vallehermoso, have gone into administration. Autopista Madrid Sur Concesionaria Espanola and Inversora de Autopistas del Sur managed Madrid's Radial 4 ring road, a toll road built during Spain's construction boom to relieve traffic congestion around the capital and satellite towns. Higher-than-expected construction costs, lower-than-expected traffic flow and the worst economic crisis in half a century all dragged down the project, the companies said on Friday. Spain's near-decade long housing and construction boom crashed in 2008, bankrupting builders and dumping unfinished housing complexes and property lots on creditor banks. (Reporting By Sonya Dowsett; Editing by Dan Lalor) (sonya.dowsett@thomsonreuters.com; + 34 91 585 8328; Reuters Messaging: sonya.dowsett.thomsonreuters.com@reuters.net)

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