Bronx Parking gets bond forbearance extended through Dec. 15

By Marisa Wong

Madison, Wis., Nov. 1 - The trustee for Bronx Parking Development Co., LLC's $237,635,000 civic facility revenue bonds, series 2007, issued by the New York City Industrial Development Agency further amended Bronx Parking's forbearance agreement obtained on May 16, according to a notice from trustee U.S. Bank NA.

Under the amended agreement, bondholders will not exercise any bond payment and default-related rights through Dec. 15.

The bondholders originally granted a forbearance of defaults through Aug. 1. The forbearance period was then extended to Aug. 15, Oct. 15 and Oct. 29.

The latest extension was made on Oct. 29.

According to the notice, the trustee will also make a default distribution of $6,897,378.13 to bondholders of record as of Nov. 7. The distribution represents interest that was due on April 1, 2013.

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