CUSIP 986403AA1
- ISIN: US986403AA19
- Entity Name: York County Industrial Development Authority
- Sector: Municipal Agency
- Announcement Date: 04-Jul-2017
- Effective Date: *****
- Issue Date: *****
- Maturity Date: 01-Dec-2035
- Country of Issuer: United States
- Region: N.Amer
- Issue Currency: United States of America Dollars
- CA Type: Collateral Sale
- News: In December 2016, the Debtor defaulted on its obligation to make adequate protection payments to the Trustee and, as a result, the automatic stay was terminated as to the Trustee. The Trustee recently negotiated an Eight Stipulated Order authorizing the Chapter 11 Trustees use of cash collateral through July 2017. The Debtor has failed to make adequate protection payments as required under the Eight Stipulated Order. The Eighth Stipulated Order provides that the Bankruptcy Codes automatic stay has previously terminated as to the Trustee. The automatic stay no longer prevents the Trustee from pursuing a state court foreclosure proceeding to realize on the Debtors real property but any recovery would be subject to the rights of senior lien holders. PNC Bank National Association (PNC) holds the first mortgage on the Debtors real property. The Debtor has failed to make payments on PNCs first mortgage loan since September 2016. As a result, on January 10, 2017, PNC also obtained an order terminating the automatic stay as to PNC. PNC is also free to pursue a state court foreclosure proceeding. As of the date of this Notice PNC has not commenced a foreclosure action with respect to the Debtors real property. If PNC pursues its rights in state court foreclosure proceeding, or if the real property is sold through a Bankruptcy Court auction, the proceeds any sale of the Debtor real property would be used to pay back taxes and certain expenses, PNCs claims and, if any funds remain, they would be available for distribution to the Trustee.
- Description: Municipal Name: York County Industrial Development Authority CUSIP: 986403AA1 Currency: USD York County Industrial Development Authority announced today that the collateral sale of its real property of Morningstar Marketplace, Ltd. for the Series 2010 Mortgage Revenue Bonds.
- Bond Document: https://www.bondpdf.com/
- Latest Corporate Actions: https://www.CAalerts.com/credit-corporate-action/ISIN/US986403AA19
