Page 2 - Bond Defaults News Today

A reserve account doesn't hold enough cover the semi-annual $8.7 million interest payment, said the bond's trustee.

Christian Care Centers' bankruptcy liquidation plan leaves bondholders impaired after an asset sale raised only $44.25 million.

Bolingbrook called the GO cut to BBB-plus from AA an attempt "to cause a de facto conversion" of a special sales tax district's debt to a general obligation.

The complex restructured its debt through bankruptcy in 2018 but COVID-19 knocked its recovery off track.

Legacy Cares, which left construction contractors unpaid and had its bond trustee declare a default event, says a new debt sale will clear up its fiscal issues.

Balance sheet damage from labor costs, the pandemic and a cybersecurity breach triggered covenant violations for Capital Region Medical Center.

The trustee for $800 million of PILOT bonds for the New Jersey shopping complex said the mall's owners were $2.6 million short for a Dec. 1 payment.

Texas trails only Florida for first-time payment defaults on bonds issued for senior health and living facilities for seniors since 2009, according to MMA data.

Leading Life Senior Living in 2020 defaulted on $30.275 million of bonds it sold in 2017 through the Oklahoma Development Finance Authority to purchase two memory care facilities.

The agreement has the potential to ease pressure on $1.7 billion of separate tax-exempt bond debt taken on to finance the massive mall and entertainment venue.