Kearney archway files for bankruptcy - News, Weather and Sports for Lincoln, NE; KLKNTV.com

Kearney archway files for bankruptcy

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POSTED BY:  KLKN Newsroom
8@klkntv.com

KEARNEY, Neb. (AP) _ 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.

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