Baltimore Cancer Defaults on $267 Million Muni Bonds

A Baltimore medical center that uses proton beams to destroy cancers defaulted on about $267 million of unrated municipal bonds issued in 2018 by a local Wisconsin agency, according to a securities filing.

• Maryland Proton Treatment Center, which is affiliated with the University of Maryland School of Medicine, issued about $360m of munis through the Public Finance Authority of Madison, Wisconsin, which issues municipal bonds for projects around the US
• Trustee won’t make interest payments on Series 2018A-1 and Series 2018A-2 bonds
• The center previously defaulted on $93m of the issue
• Facility uses high-precision proton beams, allowing ...