A Florida mining project that defaulted on its municipal bonds was put into receivership.
The United States District Court for the Middle District of Florida appointed Lighthouse Management Group, Inc., to be the receiver for the project.
Mineral Development, LLC initiated the project for mining phosphate from land in Bartow, Florida,
No parties opposed the petition for receivership.
There is now between $85 million and $90 million in bond debt outstanding on the Series 2000 Polk County Industrial Development Authority industrial development revenue bonds.
According to the court's order, the receiver is to continue work until the property is sold to a third party or transferred to the bond trustee. The property is defined as Mineral Development's property at the mining site, which Mineral Development has been leasing from Clear Springs DLC, and the agreements between Mineral Development and Clear Springs.
In her order U.S. District Judge Virginia Hernandez Covington gave wide powers to the receiver.
Lighthouse Management Group and Chris Berg, Mineral Development chief financial officer, didn't immediately respond to a request for a comment. UMB declined to comment.
