Mirador lacks capital to make bond payments, eyes restructuring plan

By Caroline Salls

Pittsburgh, Oct. 29 – The Mirador Project does not have sufficient working capital to make $3.06 million of interest and principal payments due Nov. 15 on its series 2010A and series 2010B-1 Tarrant County Cultural Education Facilities Finance Corp. retirement facility revenue bonds, according to a notice released Thursday.

Mirador said it expects to make a $1.2 million draw on the remaining balance of a liquidity support account to make the bond payments, as well as a $1.9 million draw on debt service reserve funds.

In addition, Mirador said there is $39,351 in the series 2010A bond fund.

The payments due are $2.75 million on Nov. 15 for the series 2010A bonds and $305,043 on the series 2010B-1 bonds.

According to the notice, Mirador intends to propose a restructuring plan to bondholders in the near future to work through the need for additional interim cash funding.

Mirador is a senior living community in Corpus Christi, Texas.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.