LOC dispute leads to default of $5.5 million of meat bonds

Ward, Andrew
May 1999
Bond Buyer;05/14/99, Vol. 328 Issue 30641, p1
Trade Publication
Focuses on the dispute between Chase Manhattan Trust Co. and Old Kent Bank concerning interest payments on a total of $5.5 million in variable-rate bonds of Thorn Apple Valley Inc. Expiration of the letter of credit provided for the bond issue; Bankruptcy of Thorn Apple leading to conflicts on who would pay interest payments.


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