Kearney Archway Attraction Files Bankruptcy

By  | 

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.