Bankrupt NBA Gives Bondholders Relief

Shields, Yvette
January 2005
Bond Buyer;1/7/2005, Vol. 351 Issue 32045, p4
Trade Publication
The article reports that investors and banks who hold bankrupt National Benevolent Association's (NBA) $216 million of tax-exempt bonds would recover nearly their full investment under a reorganization plan proposed by the St. Louis-based not-for-profit organization and its creditors. The proposed plan calls for bondholders to receive 100% of the principal amount of their holdings and all interest accrued prior to NBA's Chapter 11 filing in February of last year. Interest accruing after the bankruptcy filing date will be paid at a rate of 2.17% if the reorganization takes effect by the target date of February 28.


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