337/365: The Big Money
Originally uploaded by DavidDMuir
If you hadn’t heard, Metro was inches away from having a major loan called in from Belgian Bank KBC Group. It wasn’t anything they specifically had done, or a change in their credit rating, but it was tied to the credit crunch and to the downturn in the economy. The trouble started when AIG, who had insured the deal, had their credit rating dropped significantly. That’s when KBC declared the loan in technical default and sought a court injunction to fix it.
Today, KBC Group and WMATA settled in private with undisclosed terms. Which, well, seems odd for a publicly funded entity. But, they’ve settled, which means for now, Metro can continue to repay the loan over time instead of Right Now.
I live and work in the District of Columbia. I write at We Love DC, a blog I helped start, I work at Technolutionary, a company I helped start, and I’m happy doing both. I enjoy watching baseball, cooking, and gardening. I grow a mean pepper, keep a clean scorebook, and wash the dishes when I’m done. Read Why I Love DC.
