Chicago charity defaults on nursing home debt payments

Ward, Andrew
January 1999
Bond Buyer;01/22/99, Vol. 327 Issue 30563, p1
Trade Publication
Reports that Chicago, Illinois-based Malachi Corp. has collapsed into default after missing debt service payments due in December 1998 on a portion of tax-exempt bonds it sold in 1996. Use of proceeds from the bond sale to buy 12 nursing homes from Healthbank Network Development Inc.; Coupon payments being made by the trustee, Norwest Bank Corp.; Preliminary investigation of Malachi's financial troubles.


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