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 in Kearney.
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.
Joel Johnson, who leads the archway foundation, says that if creditors reject the proposal, the archway will close.
Copyright 2013 The Associated Press.