NJ Spotlight News
American Dream megamall risks debt default
Clip: 6/9/2022 | 3m 55sVideo has Closed Captions
Megamall’s developers are also behind on payments to East Rutherford
More than 2 1/2 years after SpongeBob triumphantly led a marching band at American Dream’s official debut in October 2019, the megamall is struggling to keep pace with debt payments. The mall’s developer — Triple Five of Canada — risked defaulting on $800 million in municipal bond debt when it missed a June 1 interest payment of $11.4 million. The bank tapped a reserve account for the money.
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NJ Spotlight News is a local public television program presented by THIRTEEN PBS
NJ Spotlight News
American Dream megamall risks debt default
Clip: 6/9/2022 | 3m 55sVideo has Closed Captions
More than 2 1/2 years after SpongeBob triumphantly led a marching band at American Dream’s official debut in October 2019, the megamall is struggling to keep pace with debt payments. The mall’s developer — Triple Five of Canada — risked defaulting on $800 million in municipal bond debt when it missed a June 1 interest payment of $11.4 million. The bank tapped a reserve account for the money.
Problems playing video? | Closed Captioning Feedback
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NJ Spotlight News is a local public television program presented by THIRTEEN PBS