Kearney Archway Attraction Files Bankruptcy

By: Associated Press
By: Associated Press

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.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
KOLN-TV Call: (402) 467-4321 Toll-free: 1-800-475-1011 840 North 40th Lincoln, NE 68503 Email: info@1011now.com KGIN-TV Call: (308) 382-6100 123 N Locust Street Grand Island, NE 68802 Email: kgin@1011now.com KSNB-TV Toll free 888-475-1011 123 N. Locust St. Grand Island, NE 68802 Email : ksnb@1011now.com
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 195843721 - 1011now.com/a?a=195843721