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Overpriced Parking Lots Find Financial Trouble

[fa icon="clock-o"] November 6, 2012 [fa icon="user"] Christopher J. Balala [fa icon="folder-open'] Bankruptcy, News, Business Bankruptcy

Bronx Parking Development Company operates the parking lots around Yankee Stadium, and even with significant cost to park there (as much as $58) the Company may be forced into filing for bankruptcy. The Company has defaulted on nearly $240 million of its bonds. Fans are finding less expensive alternatives such as the subway.

Overpriced_Parking_Lots_Find_Financial_Trouble

If new revenue is not found and costs are not cut in the coming months, the company could go bankrupt even though the city provided more than $200 million in subsidies.

This year, the parking lots have been 43 percent full on average during games and other events at Yankee Stadium, down from 46 percent last year, according to regulatory filings. The lots have generated $767,000 less than expected this year on game days.

Overextension of credit and "living beyond your means" are common themes in bankruptcy filings. Where a voluntary restructuring does not provide financial relief, a bankruptcy filing can help reshape one's financial picture by paying off creditors in a manner that avoids incessant harassing phone calls from creditors as well as foreclosure proceedings.

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