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NJ Spotlight News

American Dream megamall risks debt default

Clip: 06/09/2022 | 3m 55s

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More than 2 1/2 years after SpongeBob triumphantly led a marching band at American Dream’s official debut in October 2019, the megamall is struggling to keep pace with debt payments. The mall’s developer — Triple Five of Canada — risked defaulting on $800 million in municipal bond debt when it missed a June 1 interest payment of $11.4 million. The bank tapped a reserve account for the money.

Aired: 06/09/22 | Rating: NR

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