Company Misses Bond Payment for New Missouri Plant

7 years 8 months 6 days ago Tuesday, September 13 2011 Sep 13, 2011 Tuesday, September 13, 2011 3:32:00 PM CDT September 13, 2011 in News
Source: Associated Press
By: Associated Press

JEFFERSON CITY (AP) -- A north-central Missouri project that backers have said could employ several hundred people appears to be facing some financial challenges. 

Mamtek U.S. Inc. plans to build a plant in Moberly to produce an artificial sweetener. The city issued more than $35 million in bonds to help the project and the state offered more than $17 million in incentives. The project called for $8 million from private investors.

The Moberly Area Economic Development Corporation said Tuesday that officials were told that Mamtek missed a bond payment due Sept. 1. Bondholders were paid from a reserve fund.

Mamtek says it's discussing the missed payment with officials and trying to resolve the issue.

The Missouri Department of Economic Development says the state incentives are performance-based and that Mamtek has not received any funds.

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