NJ American Dream Bondholders Get $12.2 Million Partial Payment

Holders of about $280 million of municipal bonds issued to finance the American Dream megamall and entertainment complex in New Jersey will receive a $12.2 million payment for past due interest, according to a securities filing.

• Bonds are tied to sales tax collections at the 3.5m square foot complex in New Jersey’s Meadowlands
• Last September, bondholders received a $26m distribution of grant revenue from the state to pay a portion of the $46m of interest that was past due
• Under the terms of the grant agreement with the state, payments are only made once in a 12 month period ...