PPP projects that go bankrupt come to early termination and are usually considered a complete failure. While it is true that this outcome is catastrophic for the project shareholders and creditors, it may not be the case for other relevant stakeholders, such as the granting authority, users and society as a whole. Assessing the global outcome of the project requires several detailed ex-post analyses, such as financial analysis, cost-benefit analysis and value for money analysis. Unfortunately, these analyses are seldom performed. To illustrate this point a case study was analysed: the PPP contract for two toll motorways (R-3 and R-5) and a segment of a ring road (M-50) in the vicinity of Madrid, Spain. The results show that the cost of the project to the Government, although higher than estimated on the pre-feasibility study, will be significantly lower than the first and hasty estimates. The project, despite a lower demand than initially expected, is still highly beneficial to society. Finally, using a PPP for this project has allowed the Granting Authority to avoid risks that have materialized with an important cost.

破产的 PPP 项目提前终止，通常被视为完全失败。虽然这一结果对项目股东和债权人来说确实是灾难性的，但对其他相关利益相关者而言可能并非如此，例如授予当局、用户和整个社会。评估项目的全球成果需要进行多项详细的事后分析，例如财务分析、成本效益分析和物有所值分析。不幸的是，这些分析很少进行。为了说明这一点，我们分析了一个案例研究：西班牙马德里附近两条收费高速公路（R-3 和 R-5）和一段环路 (M-50) 的 PPP 合同。结果表明，该项目对政府的成本虽然高于预可行性研究的估计，但 将大大低于最初的草率估计。尽管需求低于最初预期，该项目仍然对社会非常有益。最后，在该项目中使用 PPP 使授权机构能够避免因重大成本而出现的风险。