Queensland Motorways sneaks past rival

In the end, the sale of RiverCity was a photo finish with just $10 million separating the winning bidder from its nearest rival.

Queensland Motorways Ltd. beat out infrastructure investor Access Capital Advisers and Macquarie Group Ltd. by less than $10 million to win the auction of bankrupt toll road operator RiverCity Motorway Group by agreeing to pay its receiver KordaMentha $618 million.

That price includes $33 million for taxes and other costs, giving a value of RiverCity as an asset of $585 million -- considerably lower than the price its distressed debt was trading at that gave the company a value of about $750 million.

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