CHICAGO - Investors who hold $98 million of St. Louis convention center hotel bonds took the first step this week toward foreclosing on the property following the obligated group's default on its December debt service payment.

Bond trustee UMB Bank NA stressed that the notice published Tuesday in a local publication is a legal step that gives bondholders the option to foreclose on the property Feb. 2 if no other solution is reached with the obligated group and hotel operators.

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