Nearly a decade after advising a group of European banks on the financing of a public-private partnership’s construction of the South Bay Expressway near San Diego, Orrick, Herrington & Sutcliffe lawyers helped the consortium unload the troubled toll road Wednesday in what a firm press release labeled a “fire sale.”
A coalition of local governments has agreed to pay $341.5 million to acquire the South Bay Expressway eight months after the ten-mile stretch of California State Route 125 emerged from bankruptcy and just over four years after it opened in November 2007.
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