Auction proceeds go to Mamtek investors
Fri, 21 Dec 2012 16:15:12 GMT —
COLUMBIA, Mo. (AP) -- A bank says that most investors in a failed central Missouri factory project will soon begin receiving small payments.
Bondholder trustee UMB Bank says in a notice filed this week with federal regulators that checks will go out this week for about 6 cents on every $1 to most people who owned bonds in the failed Mamtek U.S. sucralose factory in Moberly.
The $2.1 million being distributed represents proceeds of an equipment auction held Oct. 24 and a portion of the remaining reserves.
The Columbia Daily Tribune reports construction stalled on the plant after a bond payment was missed in August 2011.
The bank is retaining $1 million to pay future bankruptcy court expenses.
Information from: Columbia Daily Tribune, http://www.columbiatribune.com