Plymouth Rock Studios will no longer borrow $550 million dollars from Florida based
lender Prosperity International, and will seek a loan from another institution. The
original deal was signed back in September.
Yesterday, the project's spokesman Kevin O'Reilly stated that the financial institution,
Prosperity International failed to meet a milestone on Friday, missing deadlines for
certain paperwork and other guarantees. Consequently, PRS exercised its contractual
right to cancel the agreement.
O'Reilly says that this does not mean that Plymouth Rock Studios is dead in the
water, but says the latest developments will push back any groundbreaking that was
planned - but assures us that PRS will move forward.
WATD's Bobbi Clark reports that Plymouth Selectmen Dick Quintal received a phone
call yesterday afternoon informing him of the developments.
Quintal says it's just a bump in the road. Considering the state of the roads in
Massachusetts this does not bode well for Hollywood East.
lender Prosperity International, and will seek a loan from another institution. The
original deal was signed back in September.
Yesterday, the project's spokesman Kevin O'Reilly stated that the financial institution,
Prosperity International failed to meet a milestone on Friday, missing deadlines for
certain paperwork and other guarantees. Consequently, PRS exercised its contractual
right to cancel the agreement.
O'Reilly says that this does not mean that Plymouth Rock Studios is dead in the
water, but says the latest developments will push back any groundbreaking that was
planned - but assures us that PRS will move forward.
WATD's Bobbi Clark reports that Plymouth Selectmen Dick Quintal received a phone
call yesterday afternoon informing him of the developments.
Quintal says it's just a bump in the road. Considering the state of the roads in
Massachusetts this does not bode well for Hollywood East.
 |  |  |
Plymouth Rock Studios groundbreaking put on hold
by Roland Hansen
by Roland Hansen
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