The operator of parking garages at New York's Yankee Stadium missed a $6.9 million interest payment to bondholders yesterday, according to a securities filing.
Bronx Parking Development Corp. issued $237.6 million of municipal bonds in 2007 through New York City's Industrial Development Agency to build three garages and renovate two others. The structures haven't generated enough revenue and Bronx Parking has hired Willkie Farr & Gallagher to serve as bankruptcy counsel.
"Due to the continued financial difficulties experienced by the company, the interest payment scheduled on April 1, 2013 will not be made," according to a filing on the Municipal Securities Rulemaking Board's website.
The Bond Buyer reported the missed payment today.