CHICAGO — The St. Paul Port Authority and lawyers for a group of investors who hold a portion of its 876 Fund economic development revenue bonds will return to court later this month as litigation proceeds over the fate of $51 million of defaulted debt.

The Port Authority wants the courts to allow it to distribute about $22 million of revenue from pledged assets in a manner they consider equitable to all bondholders. Under the current maturity structure, holders of longer maturing bonds will see little return on their investment.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.