October 1, 2014
The Great Platte River Road Archway has filed for Chapter 11 bankruptcy protection so its finances can be reorganized.
The archway spans Interstate 80 east of Kearney in south-central Nebraska. Its historical exhibits cover the Oregon, Mormon and California trails and also honor the nation's highway systems and railroads.
In 2002 bondholders agreed to a refinancing of its original $60 million debt, reducing it to $22 million to be repaid by 2013. But the archway has continued to struggle. The bankruptcy documents filed Wednesday in Omaha say the archway owes bondholders $20 million and vendors more than $120,000.
Joel Johnson of the archway foundation's board of directors says the attraction has been unable meet the inflated attendance projections that lured investors to pay $60 million for bonds issued before construction.
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