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The Great Platte River Road Archway Monument near Kearney, Neb. Image by Mike Marshall, courtesy of Wikimedia Commons.

Neb. archway museum officials await word on bankruptcy

Tom Hoepf
Tom Hoepf

The Great Platte River Road Archway Monument near Kearney, Neb. Image by Mike Marshall, courtesy of Wikimedia Commons.
The Great Platte River Road Archway Monument near Kearney, Neb. Image by Mike Marshall, courtesy of Wikimedia Commons.
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 leads the archway foundation, and he told the Kearney Hub that if creditors reject the proposal, the archway will close.

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Information from: Kearney Hub, http://www.kearneyhub.com/

Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

AP-WF-08-21-13 1231GMT

ADDITIONAL IMAGE OF NOTE

The Great Platte River Road Archway Monument near Kearney, Neb. Image by Mike Marshall, courtesy of Wikimedia Commons.
The Great Platte River Road Archway Monument near Kearney, Neb. Image by Mike Marshall, courtesy of Wikimedia Commons.