For those investors holding defaulted tax-exempt bonds used to build parking garages for the new Yankee Stadium, your ship may partially be coming in.
According to Business Week, The New York Soccer Club is in talks to buy a plot of land to build a new soccer stadium in the Bronx. The holders of the bonds have agreed to extend discussions an additional two years with the bond issuers if an agreement with the soccer club can be reached by January 3.
The team, a Major League soccer expansion squad, would buy part of the parking structures, which in turn would repay some of the debt to the bondholders with the rest of the money owed to be restructured.
The bonds, issued by the Bronx Parking Development Company, were trading this month at a low of 31 cents on the dollar. The bonds are set to come due in October, 2017, which may or may not be Alex Rodriguez's last time parking at Yankee Stadium.
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