What: American Dream super mall in New Jersey, drained a reserve fund to make a bond payment as it struggles to attract shoppers and tenants with the pandemic.

Why is it important: The American Dream, which features an indoor ski slope, amusement park and water park, nearly emptied a reserve account to make a $9.3 million payment due on about $290 million of debt.

Failure to make a payment on the sales tax debt doesn’t constitute a default or require the mall to pay back the loan immediately however, American Dream wasn’t complying with obligations to provide updates on project costs and performance

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American Dream mall drains reserves