Kearney Archway Officials Await Word on Bankruptcy
KEARNEY, Neb. (AP) — A
bankruptcy judge is expected to release a ruling next month on a
bankruptcy plan submitted for the Great Platte River Road Archway museum
At stake is whether the museum that spans Interstate
80 must close or may remain open to continue its financial fight. The
decision is expected on Sept. 18.
The foundation that runs the
museum has proposed a reorganization plan that includes paying
bondholders $50,000 for their $20 million in bonds. In 2002 bondholders
wrote off $40 million of the archway's $60 million debt. The archway is
proposing to pay another $50,000 to unsecured creditors.
Johnson, who leads the archway foundation, says that if creditors reject the proposal, the
archway will close.