CHICAGO — The trustee on $113 million of bonds that financed construction of the privately owned Branson, Mo., Airport opted not to nearly drain remaining reserves to make a Jan. 1 debt-service payment as airport operators struggle to bolster operations and stave off future bondholder enforcement actions.

The skipped payment marks the first time bondholders have not been paid. The trustee, UMB Bank NA, has drawn from reserves to cover past shortfalls in revenues pledged to repayment of the unrated tax-exempt bonds that were issued in 2007 by the Branson Regional Airport Transportation Development District. Proceeds funded the airport that was developed and owned by Branson Airport LLC.

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