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Yankee Stadium Parking Misses Bond Payment on Opening Day

Yankee Stadium Parking Misses Bond Payment on Opening Day
Bronx Parking 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 at Yankee Stadium. Photographer: Michael Heiman/Getty Images

April 2 (Bloomberg) -- 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.

It was the the first time Bronx Parking Development Corp. has skipped a payment to investors, Steven Polivy, an attorney at Akerman Senterfitt LLP representing the company, said in a telephone interview from New York. The next scheduled one is for $8.1 million on Oct. 1. Polivy wouldn’t say if the October payment would be made.

Bronx Parking 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 New York Yankees began their 2013 season yesterday at home, losing 8-2 against the Boston Red Sox.

The Bond Buyer reported the missed payment today.

To contact the reporter on this story: Michelle Kaske in New York at mkaske@bloomberg.net

To contact the editor responsible for this story: Stephen Merelman at smerelman@bloomberg.net

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