Park Place of Elmhurst, Ill., misses bond payment, refinancing eyed

By Caroline Salls

Pittsburgh, July 1 – Park Place of Elmhurst, Ill., did not make the payment due June 10 on its Illinois Finance Authority revenue bonds, according to a notice to the bondholders released Wednesday.

Park Place, the bond trustee and the bondholders are in discussions concerning a refinancing of Park Place’s existing debt.

As part of those discussions, the bond trustee provided a 90-day extension of the deadline for delivery of Park Place’s 2014 financials.

In addition, Park Place and the bondholders are working on a forbearance agreement to maintain the status quo pending refinancing of the existing debt, according to the notice.

Park Place of Elmhurst is a retirement community in Elmhurst, Ill.

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