American Dream Mall Owner Makes Interest Payment on $800 Million Muni; Trustee Says Default Not Cured
17 Giugno 2022 - 01:03AM
Dow Jones News
By Akiko Matsuda
The developer of American Dream, the $6 billion mega-shopping
mall in East Rutherford, N.J., deposited $13.87 million on
Wednesday to cover the missing May interest for an $800 million
municipal bond, but the amount fell short to fully cure a default,
according to a notice to bondholders Thursday
The payment didn't resolve the default because it didn't include
interest on the overdue balance, the notice said.
Developer Triple Five Group had missed a bond interest payment
due June 1, and bondholder trustee U.S. Bank NA withdrew $11.35
million from a debt service reserve account to pay bondholders. The
developer was required to make the payment by Thursday to avoid a
default.
Triple Five didn't immediately respond to a request for
comment.
Write to Akiko Matsuda at akiko.matsuda@wsj.com
(END) Dow Jones Newswires
June 16, 2022 18:48 ET (22:48 GMT)
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