Concesiones 4G/5G — La Trampa de las Vigencias Futuras

Crisis simulation of a Colombian 4G toll-road concession (SPV) facing a 38% traffic shortfall, DSCR in technical default, fiscal-rule cuts to vigencias futuras, and a stalled consulta-previa segment. Across four rounds — diagnosis, ANI otrosí negotiation, lender refinancing table, and Senate testimony — teams rebuild DSCR, equity IRR, political viability and contractual defensibility, navigating MEC doctrine, fuerza mayor, project-bond credit enhancement and the Ruta del Sol II precedent.