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Auction proceeds go to Mamtek investors

Auction proceeds go to Mamtek investors

December 21st, 2012 in News

COLUMBIA, Mo. (AP) - A bank says that most investors in a failed central Missouri factory project will soon begin receiving small payments.

Bondholder trustee UMB Bank says in a notice filed this week with federal regulators that checks will go out this week for about 6 cents on every $1 to most people who owned bonds in the failed Mamtek U.S. sucralose factory in Moberly.

The $2.1 million being distributed represents proceeds of an equipment auction held Oct. 24 and a portion of the remaining reserves.

The Columbia Daily Tribune reports (http://bit.ly/UV7XkS ) construction stalled on the plant after a bond payment was missed in August 2011.

The bank is retaining $1 million to pay future bankruptcy court expenses.

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Information from: Columbia Daily Tribune, http://www.columbiatribune.com