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American Dream Mall Misses Payment on N.J. Grant-Backed Debt

  • New Jersey must approve documents to release cash for debt
  • Missed payment isn’t a default under the bond covenant
Nickelodeon Universe park at the American Dream mall,
Nickelodeon Universe park at the American Dream mall,Photographer: Kena betancur/AFP/Getty Images
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American Dream, the $5 billion mall and entertainment complex in New Jersey’s Meadowlands, failed to make an interest payment that was due Monday on municipal bonds sold to help finance the venture.  

The more than 3 million-square-foot destination mall, which features an indoor ski slope, amusement park and water park, didn’t make an $8.8 million payment, according to a regulatory filing