WASHINGTON - Washington Metropolitan Area Transit Authority officials on Friday made an urgent plea to the Treasury Department to prevent it from having to make a $43 million termination payment on a leaseback deal, just as the Belgian bank demanding the payment was expected to urge a federal court here not to block the payment.

"We need action by Treasury if we are to avert a crisis," WMATA board chairman Chris Zimmerman said at a press conference here. "We run the risk of not being able to do repairs, we could fall into a state of disrepair. This could really not have come at a worse time."

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.