More Arizona agency conduit debt lands in bankruptcy court
1 min readAnother bankruptcy involving bonds issued through the Arizona Industrial Development Authority was filed Tuesday along with a pre-packaged exit plan that would result in bondholder ownership of a reorganized company.
Restoration Forest Products Group, which brought the Chapter 11 case in U.S. Bankruptcy Court in Delaware, sold $112.8 million of taxable Series A senior and $86.8 million of taxable Series B subordinate sustainability-linked revenue bonds through the authority in 2022 under its former name NewLife Forest Restoration.
The filing comes as Legacy Cares’ 2023 bankruptcy case, which involved $284 million of defaulted debt sold through AZIDA in 2020 and 2021 for a participant sports venue in Mesa,
Under a