Wednesday, December 27, 2006


Tunnel goes under

`The owner of Sydney’s controversial Cross City Tunnel has been placed into receivership with debts of $560 million.

Receivers and managers have been appointed to Cross City Tunnel Motorway Ltd, owner and operator of the tunnel.

The cash-strapped tunnel consortium was due to make a massive interest payment by Saturday.

With barely one-third of the expected 90,000 cars passing through each day, the tunnel did not earn enough to cover the interest payments.’

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