SYDNEY'S troubled Cross City Tunnel is expected to be placed into receivership for the second time in seven years as the owners struggle to finance the infrastructure.
CrossCity Motorway, which is owned by Leighton Contractors, the Royal Bank of Scotland and EISER Infrastructure Partners, placed the project into voluntary administration on Friday.
The board made the decision after the NSW Office of State Revenue (OSR) decided to appeal a recent Supreme Court decision which found that $64 million in stamp duty was not payable on the 2007 acquisition.
CrossCity Motorway chairman Ed Sandrejko said the business was generating cash but the legal action had had a significant impact as it came during the refinancing process.
"Having won our case in court we anticipated it would still be possible to proceed to refinance," he said.
"The OSR appeal means that this is no longer feasible."
Mr Sandrejko said CrossCity Motorway bought the concession from the original owners in September 2007 through receivers.
The Cross City Tunnel was placed in receivership in 2006, just a year after it opened, with inflated traffic figures blamed for the failure.
CrossCity Motorway said a government decision to alter traffic arrangements in contravention of the contractual arrangements had affected the balance sheet since the group acquired the asset.
David Merryweather and Gregory Hall of PricewaterhouseCoopers have been appointed voluntary administrators.
The motorway will remain open to motorists during administration.
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