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ACR Energy revenue bonds accelerated amid interest payment shortfall
By Caroline Salls
Pittsburgh, Dec. 30 – The ACR Energy Partners, LLC project’s New Jersey Economic Development Authority energy facility revenue bonds, series 2011 and B, were accelerated by bond trustee the Bank of New York Mellon after ACR’s failure to make a June 15, 2014 loan payment resulted in insufficient funds for a $6.92 million Dec. 1 interest payment, according to a notice to bondholders.
The trustee said Revel Entertainment Group, LLC is the counterparty to a second amended and restated energy sales agreement with ACR.
According to the notice, the proceeds of the energy sales agreement are used to satisfy the principal and interest payments under ACR’s loan agreement.
On July 11, the U.S. Bankruptcy Court for the District of New Jersey entered an interim order establishing Revel’s payment obligations under the energy sales agreement during its bankruptcy case.
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