Center Director Jonathan Gifford, PhD, presented a paper at the Fourth Annual International Public-Private Partnership (P3) Symposium hosted by the Cornell Program in Infrastructure Policy (CPIP) in New York on September 15, 2015. The Symposium was sponsored by the Association for the Improvement of American Infrastructure, Public Works Financing Newsletter, Parsons Corporation, Sumitomo Mitsui Banking Corporation and the University Transportation Research Center – Region II.
The paper, titled “Bankruptcy Policy and Surface Transportation Public-Private Partnerships: A Comparative Analysis of the U.S. and Europe” was co-authored by Gifford and Graduate Research Associates Lisardo Bolanos and Jeong Yun Kweun. “This study explores bankruptcy legal frameworks as an explanation for perceived differences in U.S. surface transportation P3 outcomes compared to the European market. Through six U.S. and eleven European P3 bankruptcy cases, the study provides some evidence that the U.S. legal framework, either Chapter 9 or 11 of the U.S. Bankruptcy Code, favors continuous facility operation through debt restructuring rather than asset liquidation.”
In addition to presentations from P3 authorities from all over the world, the 2-day symposium participants toured the Goethals Bridge PPP and participated in roundtable discussions about public perceptions of P3s.
Click here to read the “Bankruptcy Policy and Surface Transportation Public-Private Partnerships: A Comparative Analysis of the U.S. and Europe” paper in full.
Click here to see Professor Gifford’s symposium presentation.
Click here to read a memo written by Professor Gifford, Jeong Yun Kweun and Porter Wheeler entitled, ” Pushback against P3s: The Political Economy of Public-Private Partnerships”.