This disguised case is a vehicle for discussion of the financial situation facing the management of a US public (nonprofit) television station. "WBLT" is a Midwestern station which has matured from simply broadcasting programs produced elsewhere to the production and distribution (with a related income stream) of its own programming. The case tells the story of the station's evolution and provides, in the form of exhibits, detailed information about its financial situation. HKS Case Number 1675.0

Cochin International Airport opened in 1999 to widespread acclaim as the first and only airport to be constructed and operated by a private company in India. By 2001 the airport was generating enough revenue to cover its operating costs, but not enough to service its debt or to pay dividends to its shareholders. The airport company was already in technical default to its lenders, and its Managing Director had to figure out quickly how to improve profits or to convince shareholders to make further large infusions of equity. This case is intended to support a discussion of the advantages and disadvantages of having private companies build and operate major infrastructure facilities, such as airports. It was developed for use in an executive program on the privatization and regulation of infrastructure and utilities, but it could also be used in Master's level courses on privatization, infrastructure, and industrial policy. HKS Case Number 1650.0

The Melbourne City Link, a $2 billion privately-funded highway project, was one of the first fully electronic toll roads in the world. While the government of the State of Victoria specified this innovative tolling system in the tender for the project, it left the implementation and administration to the consortium that was selected to finance, design, build, and operate the highway. This case allows students to focus on the financing of a large-scale privately financed infrastructure project through the capital markets. It is designed to teach students about the allocation of risks that are customary in project financing arrangements where lenders have limited or no recourse to the project sponsors. By analyzing the deal structure, students can assess how specific risks were allocated to the project sponsors, construction contractors, equity investors, the banking syndicate, and the government. HKS Case Number 1539.0

In 1996, the government of Brazil attempted to sell the large, federally-owned power distribution company in Rio de Janeiro to private investors. The competitive auction for Rio Light was being heralded as a test of the entire Brazilian privatization program, which had been under criticism in the domestic and international press for its slow pace and lack of results. As the auction date draws near, the Director of Electricity Privatization at the Brazilian federal development bank is worried that the minimum-asking price for Rio Light was too high. The case presents pro-forma financial information and can be used to discuss the relevant factors for the valuation of a state-owned enterprise and the measures of success for the auction. HKS Case Number 1540.0

As part of its efforts to recover from hyperinflation and an oversized public sector, the government of Argentinaspecifically the province of Buenos Airesseeks to control costs and improve service in local government. To do so, the provincial government tries a bold strategy: it splits up three large suburban Buenos Aires municipalities into eight new, smaller, jurisdictions. This budgeting, financial management, and political strategy case focuses on the implementation of the move toward smaller, more local government, through the prism of the creation of one of the new municipalities: the town of Hurlingham. The case describes the nuts-and-bolts budget decisions which a transition team of officials must make how to structure the new government, how to increase tax receipts and the political decisions which its new mayor confronts. He must decide which parts of the new town will get service priority: high-voting wealthy districts where tax collection has been low, or poorer neighborhoods from which the new mayor drew key electoral support? This case allows both for rigorous budget analysis and assessment of budget-related political strategy. HKS Case Number 1493.0

As part of its efforts to recover from hyperinflation and an oversized public sector, the government of Argentinaspecifically the province of Buenos Airesseeks to control costs and improve service in local government. To do so, the provincial government tries a bold strategy: it splits up three large suburban Buenos Aires municipalities into eight new, smaller, jurisdictions. This budgeting, financial management, and political strategy case focuses on the implementation of the move toward smaller, more local government, through the prism of the creation of one of the new municipalities: the town of Hurlingham. The case describes the nuts-and-bolts budget decisions which a transition team of officials must make: how to structure the new government, how to increase tax receipts and the political decisions which its new mayor confronts. He must decide which parts of the new town will get service priority: high-voting wealthy districts where tax collection has been low, or poorer neighborhoods from which the new mayor drew key electoral support? This case allows both for rigorous budget analysis and assessment of budget-related political strategy. HKS Case Number 1493.1

This case demonstrates how the international capital markets were used to obtain financing for the expansion of limited access highways in Mexico. Structured as a Rule 144A transaction, the offering securitized the future Mexican Peso-denominated toll revenues of two toll roads to support US dollar denominated securities. From the sponsor's point of view, the deal provided a means to remove indebtedness from its balance sheet while retaining control of the assets. Investors purchased high-yield securities supported by two toll roads with an operating history (and no construction risk). The drastic devaluation of the peso in December 1994 more than doubled the liability in US dollars and offers an opportunity to consider the ability of the Trust to continue to support the notes. This case allows students to focus on the financing of private infrastructure investments through the capital markets. It is designed to teach students about the risks that are customary in cross-border project financing arrangements, where lenders have limited or no recourse to the project sponsors. By looking at the financing structure devised for this transaction, students can see how specific provisions trap revenues in the Trust and protect the interests of investors. HKS Case Number 1485.0