Investors who own bonds issued by the bankrupt Connector 2000 Association Inc. toll road have tentatively reached an agreement with the issuer and South Carolina to exchange their outstanding debt for new bonds.

The restructuring has dragged on for more than a year, and started even before the association defaulted in January as expected. Bondholders have been wrangling with the state over how to divide up the lower-than-anticipated toll revenues. Traffic on the 16-mile toll road around Greenville has fallen short of expectations in all nine years of its existence.

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