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Debt restructuring approved for archway

Posted: 09/19/13 09:50

A bankruptcy judge has approved a debt-restructuring plan for the Great Platte River Road Archway in Kearney. The judge in federal bankruptcy court said that archway organizers must pay $100,000 to settle the more than $20 million owed to bondholders, creditors and vendors. The foundation that runs the attraction requested those conditions as part of its reorganization plan. The next step will involve collecting community pledges to pay the debt. Officials want to use any remaining pledges to pay legal expenses, and later boost attendance and cover deferred maintenance. The tourist attraction that spans Interstate 80 has struggled financially for years. Officials filed for bankruptcy in March.