Can Triple Five Keep Its Megamalls Alive?
On June 8, independent research firm Municipal Market Analytics issued a note that said it’s “increasingly likely” that roughly $1.1 billion of American Dream’s municipal bond debt will be restructured. However, on June 15—one day before the deadline to avoid default—Triple Five paid the May PILOT payment in full, except for the late payment interest. To that end, the trustee says that the developer still hasn’t fully cured the default.