Bond defaults

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

Bondholders invested in the redevelopment of Elvis Presley's Graceland Mansion were left singing the blues after borrowers missed another scheduled debt service payment.

A federal bankruptcy judge will hold a hearing later this month on appointing an independent trustee for Legacy Cares or dismissing the case.

The construction manager of the beleaguered mall/entertainment complex in New Jersey says it is owed more than $30 million for unpaid work and accrued interest.

Clare Oaks' history of fiscal struggles resulted in two bankruptcy filings, the most recent leading to a bond exchange in 2020.

"Stakeholders believe the best solution is to utilize the bankruptcy process to run a marketing and sale process," Friendship Village of Schaumburg said in a statement.

Harvey and its advisors are in the process of notifying holders of its defaulted 2002 and 2007 bonds of its upcoming exchange offer.

The Chapter 11 filing follows defaults by nonprofit Legacy Cares on $284 million of mostly tax-exempt bonds sold through the Arizona Industrial Development Authority.

Two ratings agencies expect AES Puerto Rico to default on Puerto Rico municipal conduit bonds.

The early termination of the agreement is the latest setback for Legacy Cares, Inc., which has defaulted on bonds sold to finance the facility.

The struggling Chicago suburb is waiting on audited financial statements that, once in hand, will pave the way for an exchange offer to its GO bondholders.

Thirty brokerage firms overcharged for the Santa Rosa bridge bonds after relying on data vendors who provided incorrect factors to determine the price.

East Rutherford is suing the project's developer, saying it has missed millions of scheduled payments in lieu of taxes. American Dream's owners disagree.

Revenue bonds sold in 2018 for the project would be paid over seven years at lower rates under the Chapter 11 exit plan for the Bridgemoor at Plano debt.

One public hospital district violated a debt service covenant and was downgraded to junk; the other declared a fiscal emergency and seeks an outside partner.