Receivers and managers have been appointed to Connector Motorways Pty. Ltd., which owns Sydney's A$1.6 billion Lane Cove Tunnel, the company's receiver KordaMentha said Wednesday.

Equity investors in Connector Motorways--including Leighton Holdings Ltd. (LEI.AU), Mirvac Group (MGR.AU) and Hong Kong's Cheung Kong Infrastructure Holdings (1038.HK)--have written off their holdings in the company.

"Operationally, the tunnel and Military Road E-Ramp are performing well, with patronage having increased by almost 9% over the past 12 months ending December 2009," KordaMentha Partner Martin Madden said in a statement.

"We do not intend to make any significant operational changes."

-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692; ross.kelly@dowjones.com
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