BRADENTON, Fla. — The Santa Rosa Bay Bridge Authority board will work with bondholders to establish a creditors' committee in hopes of restructuring $115 million of debt for a toll bridge in northwest Florida that is headed for default next year.

The cooperative spirit emerged at the board's last quarterly meeting of the year Wednesday after representatives from bond insurer ACA Financial Guaranty Corp. said that they are trying to contact 51% of the bondholders and assist the bond trustee in getting a creditors' committee formed to explore restructuring.

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