Chinese Sugar Company Misses Payment

7 years 2 months 4 weeks ago Tuesday, September 13 2011 Sep 13, 2011 Tuesday, September 13, 2011 5:51:00 PM CDT September 13, 2011 in News
By: Meena May
loading

MOBERLY - Mamtek U.S. Inc. missed its first bond payment.  The Chinese company's promise to bring economic growth to Mid Missouri maybe on hold while Missouri Economic Development Committee and the Moberly Area Economic Development Corporation come up with a solution.

Mamtek U.S. Inc. planned on building its factory in Moberly.  The project intended to use $35 million in bonds and $17 million from state funding.  Building the Mamtek plant would create more than 300 jobs in Mid Missouri. But, now that the company's missed a missed a bond payment, questions have been rising about whether the deal will go through.

Moberly Area Economic Development Corporation refused to do an interview, but released a statement confirming Mamtek failed to make its first bond payment.  The Industrial Development Authority of the City of Moberly received the notification about the missed payment from the UMB Bank Trustee. 

The Trustee took money from a debt service reserve fund to make the payment to bond shareholders.  According to the statement, there is enough money to pay for the next bond payment if necessary.

The Missouri Statehouse has not yet discussed in committee a solution to the Mamtek issue. But, Missouri Senator Kurt Schaefer, R- Columbia, said, "I don't know how much information the Department of Economic Development has but most of the information is up in Moberly."

Schaefer also says one of his main concerns is how this will effect taxpayers within his own district.

More News

Grid
List
FULTON - Fulton Soup Kitchen is working to open its new location in Fulton, but a $1,700 utilities down payment... More >>
1 hour ago Tuesday, December 11 2018 Dec 11, 2018 Tuesday, December 11, 2018 5:18:00 PM CST December 11, 2018 in News
OZARK, Mo. (AP) — The southwest Missouri city of Ozark that had said it was removing a Christian cross from... More >>
1 hour ago Tuesday, December 11 2018 Dec 11, 2018 Tuesday, December 11, 2018 5:17:00 PM CST December 11, 2018 in News
COLUMBIA- The Columbia Police Department is investigating a death downtown. CPD announced the investigation on Twitter just after 4... More >>
2 hours ago Tuesday, December 11 2018 Dec 11, 2018 Tuesday, December 11, 2018 4:44:00 PM CST December 11, 2018 in News
ST. LOUIS (AP) — An eastern Missouri doctor has been sentenced to more than three years in prison for prescribing... More >>
4 hours ago Tuesday, December 11 2018 Dec 11, 2018 Tuesday, December 11, 2018 2:48:09 PM CST December 11, 2018 in Continuous News
KANSAS CITY (AP) — A Kansas City man who told officers he was planning to kill someone and was "kinda... More >>
4 hours ago Tuesday, December 11 2018 Dec 11, 2018 Tuesday, December 11, 2018 2:42:49 PM CST December 11, 2018 in Continuous News
JEFFERSON CITY - As Missouri's Secretary of State waits for a response from the State Auditor, a political expert weighed... More >>
4 hours ago Tuesday, December 11 2018 Dec 11, 2018 Tuesday, December 11, 2018 2:41:00 PM CST December 11, 2018 in News
COLUMBIA - The Columbia Police Department has been dispatched to Ballenger Lane in North Columbia 11 times so far this... More >>
4 hours ago Tuesday, December 11 2018 Dec 11, 2018 Tuesday, December 11, 2018 2:21:00 PM CST December 11, 2018 in News
JEFFERSON CITY - Walgreens is giving Missouri a new tool in the fight against opioid abuse, and it's a simple... More >>
4 hours ago Tuesday, December 11 2018 Dec 11, 2018 Tuesday, December 11, 2018 2:02:00 PM CST December 11, 2018 in News
TAOS - A school bus holding 38 students ranging from K-12 was hit head-on Tuesday morning while stopped on Dove... More >>
6 hours ago Tuesday, December 11 2018 Dec 11, 2018 Tuesday, December 11, 2018 12:19:00 PM CST December 11, 2018 in News
KANSAS CITY (AP) — Both U.S. senators from Missouri are demanding answers about the death of a veteran after an... More >>
8 hours ago Tuesday, December 11 2018 Dec 11, 2018 Tuesday, December 11, 2018 10:58:05 AM CST December 11, 2018 in News
COLUMBIA - Gunfire in the neighborhood around Blue Ridge Elementary School led to a modified lockdown Tuesday afternoon, and police... More >>
8 hours ago Tuesday, December 11 2018 Dec 11, 2018 Tuesday, December 11, 2018 10:39:00 AM CST December 11, 2018 in News
JEFFERSON CITY - Jefferson City Public Schools has named the first football head coach for the new Capital City High... More >>
9 hours ago Tuesday, December 11 2018 Dec 11, 2018 Tuesday, December 11, 2018 9:55:00 AM CST December 11, 2018 in News
JEFFERSON CITY - The agreement between the Jefferson City School District and the city will reimburse the school district up... More >>
11 hours ago Tuesday, December 11 2018 Dec 11, 2018 Tuesday, December 11, 2018 7:30:00 AM CST December 11, 2018 in News
COLUMBIA - Firefighters responded to a residential structure fire overnight. The blaze started around 11:49 p.m. Monday. The fire... More >>
15 hours ago Tuesday, December 11 2018 Dec 11, 2018 Tuesday, December 11, 2018 3:16:00 AM CST December 11, 2018 in News
COLUMBIA - Some students are starting to voice their opinions about possible redistricting of a new middle school. CPS... More >>
22 hours ago Monday, December 10 2018 Dec 10, 2018 Monday, December 10, 2018 8:30:00 PM CST December 10, 2018 in News
JEFFERSON CITY - More than 100 people gathered in Jefferson City Monday to learn more about the planned health care... More >>
22 hours ago Monday, December 10 2018 Dec 10, 2018 Monday, December 10, 2018 8:08:00 PM CST December 10, 2018 in News
COLUMBIA - Nobel Prize winner George P. Smith, a retired professor, says he lives a rather humble life beyond the... More >>
23 hours ago Monday, December 10 2018 Dec 10, 2018 Monday, December 10, 2018 7:13:00 PM CST December 10, 2018 in News
JEFFERSON CITY (AP) — Missouri's Republican Secretary of State Jay Ashcroft on Monday asked the Democratic auditor... More >>
1 day ago Monday, December 10 2018 Dec 10, 2018 Monday, December 10, 2018 4:22:00 PM CST December 10, 2018 in News
Columbia, MO
Broken Clouds 47°
7pm 47°
8pm 46°
9pm 45°
10pm 44°