Bond defaults

Lake Erie College entered into a forbearance agreement with bondholders after the school didn't meet certain covenants it agreed to as part of a debt sale. 

Bonds used to buy eight senior living properties in Michigan and Ohio are likely to default within six months, S&P Global Ratings said.

The delays have led to a technical default by the design-build contractor on the $450 million project to design, finance, build, operate and maintain the Thruway's 27 service areas.

The College of Saint Rose, a private Roman Catholic school in Albany, said Friday it plans to close after this academic year.

Prices have fallen for Alabama private activity bonds issued for wood pellet producer Enviva amid the firm's larger struggles.

Senior Choice Inc. failed to make interest and principal payments due Oct. 31 on its $15.9 million bond issued in 2006 by the Cambria County Industrial Development Authority, according to a regulatory filing Wednesday.

The number of municipal bond delinquencies declined in the third quarter, despite some dramatic outliers that Moody's Investors Service characterized as idiosyncratic in a report released Monday.

A $25.5 million cash offer plus some equity was made to acquire Legacy Park, which was financed with $284 million of now-defaulted revenue bonds.

At least two schools are facing the legal costs of terminating the transactions as well as pursuing alternative financing for almost $500 million in construction projects.

Plans for a garbage-to-jet fuels facility in Gary, Indiana, are on hold after bonds for the same operator's plant in Nevada went into default.

Legacy Cares, which filed for bankruptcy in May, is trying to sell Legacy Park, which was financed with now-defaulted bonds issued in 2020 and 2021.

The settlement, which hinged on a successful exchange of old bonds for fresh debt, resolves long-running investor litigation.

Bondholders granted some breathing room to the speculative-grade polypropylene recycling project along the Ohio River, now reported to have entered production.

While acknowledging disputed allegations of mismanagement and infractions on the part of venue owner Legacy Cares, the judge denied a motion by the U.S. trustee in the Chapter 11 bankruptcy to appoint an independent trustee or dismiss the case.

Mercy Hospital plans to sell facilities and other assets to the University of Iowa, which approved $20 million for the acquisition.

Major bondholder Preston Hollow and the trustee for $86 million of debt sold for Mercy Iowa City in 2011 and 2018 pointed to default events.

Tax-exempt bonds issued for the American Dream mega mall backed by New Jersey economic development grants are poised to miss a third straight interest payment.

Bondholders, other creditors, and the venue's owner argued the U.S. trustee's move would be detrimental for a plan to sell the facility to maximize recoveries.

Amid bankruptcy proceedings, the project's owner and bondholders agreed to a plan to re-issue most of the defaulted debt.

The proposed exchange — which extends the final maturity date by two decades but offers features like a tax levy with a direct intercept and trust estate — is the cornerstone of the consent agreement the city struck with a group of 2007 bondholders