TITLE

Alabama's Visionland Reopens as Bondholders Seek Cash

AUTHOR(S)
Sigo, Shelly
PUB. DATE
May 2003
SOURCE
Bond Buyer;5/29/2003, Vol. 344 Issue 31645, p32
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Investors who financed a theme park in Alabama, Visionland, have planned to file a lawsuit as they lost the money invested in the park. The theme park, located about 16 miles southwest of Birmingham, declared bankruptcy during 2002 after defaulting on 90 million dollar of unrated tax-exempt bonds. A federal judge in the United States District Court for the Northern District of Alabama's Southern Division is expected to rule soon on a lawsuit filed in December 2002 by Suntrust Banks Inc., as trustee for the bondholders, charging Birmingham with breach of contract. The lawsuit says the city failed to make a 1 million dollar payment owed under the funding agreement that supported the 90 million dollar of bonds issued in 1999.
ACCESSION #
9986350

 

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