Fri 06/03/2022 17:00 PM
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Relevant Document:
Notice

American Dream Mall performing credit analysis from Reorg's Americas Municipals team. 

U.S. Bank, the indenture trustee on the $800 million of 2017 PILOT revenue bonds tied to the American Dream super-regional mall and entertainment complex, has disclosed in a notice posted to EMMA Ameream LLC, the developer, failed to make the May quarterly PILOT payment to the PILOT trustee in advance of the June 1 semi-annual interest payment date on the bonds. Funds held under the indenture prior to the receipt of the May PILOT payment were insufficient to make the full June 1 interest payment, resulting in the trustee drawing on the reserve account $11.36 million.

The PILOT trustee has given notice to the developer of the developer’s failure to make the May PILOT and is demanding that the developer cure the failure. The notice says that in the event the May PILOT is not made on or before June 16, default by the developer will exist under the financial agreement between Ameream, the New Jersey Sports and Exposition Authority and the Borough of East Rutherford, NJ.
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