- Tourist attraction missed principal and interest on July 1
- Future payments could be made after pandemic-tourism rebound
Municipal bonds sold for Elvis Presley’s Graceland tourist attraction have fallen deeper into distress.
US Bank, the trustee on the debt, disclosed it couldn’t make July 1 principal and interest payments on a series of senior bonds sold for the complex in 2017. The borrower had already defaulted on subordinate bonds after the pandemic led to a decline in visitors.
The trustee said it was about $945,000 short on roughly $1.8 million due this month after collecting all available dollars, according to a regulatory filing dated Wednesday. Certain payments on other series of bonds sold for the complex were made, the filing said.
Bloomberg Markets
By Joseph Mysak Jr
July 5, 2023