The private operator of the Indiana Toll Road could be in danger of defaulting on its huge debt by early next year, according to a report on the news wire service Debtwire.

The May report in Debtwire, a Financial Times Group publication, stated Toll Road operator ITR Concession Co. is rapidly burning through an interest reserve account, which must be maintained to keep $4.1 billion in loans in good standing.

Indiana Finance Authority Chairman Christopher Ruhl, in an email to The Times, stated that even in case of default and foreclosure, no taxpayer money is at stake, as the state has received the full $3.8 billion lease payment in June 2006.

He noted the lender would need the state's approval to transfer control of the Toll Road to any new private consortium or operator that may step in.

"We've known since 2006 that the $3.8 billion lease payment was financed primarily through debt, that the debt came due in 2015 and that the amount of debt could place a significant burden on the capital structure of the concessionaire," Ruhl wrote.

The apparent financial difficulties have come about despite dramatic hikes in tolls since the 157-mile road was leased to a private consortium backed by Spain-based conglomerate Cintra and Australia-based Macquarie in June 2006.