“Worried Investors” in the Defaulting Garcon Point Bridge Explore Possible State Buyout

Gulf Breeze News reports that the Garcon Point Bridge is in default and its “worried investors” have been unsuccessful in securing a toll increase. The newspaper adds, “A group of bondholders and a trustee are trying to find a way to negotiate with Florida to see under what conditions [the state] might have an interest in buying the bridge. . . .” The article adds that on May 8, “a feasibility study was added to the appropriations bill that deals with the structure. ‘The state is not interested in taking over the debt,’ [says one senator], ‘but we would be interested, under certain circumstances, in putting it under turnpike authority.’”