“If we are able to restructure the Wyatt’s debt and establish positive cash flow, then the Wyatt will have more flexibility in its operations going forward…“
Statement of Central Falls Detention Facility Corporation (CFDFC) Board Chairman James Lombardi III Esq CPA, regarding progress being made towards resolving financial and legal issues impacting the Donald W Wyatt Detention Facility:
“When I became Chairman of the Central Falls Detention Facility Corporation’s board in October, 2019, I pledged to work to restructure the unsustainable debt facing the Donald W. Wyatt Detention Facility and restore the positive working relationship between the board and bondholders. I am pleased to share that progress is being made on this and other issues facing the Wyatt.
“We have had positive conversations with Invesco, the majority bondholder of our debt, and have been impressed with their willingness to work towards a solution. They have agreed in principle to work with us on ways to restructure or address the Wyatt’s bonded indebtedness. We appreciate Invesco’s collaborative approach to addressing the fiscal challenges facing the Wyatt and believe a path forward can be agreed to in the near future.
“To move this process along, the Corporation is seeking to engage a fiscal advisor to advise the board and to analyze the Wyatt’s finances for a bond issuance or a restructuring of the existing bonds.
“If we are able to restructure the Wyatt’s debt and establish positive cash flow, then the Wyatt will have more flexibility in its operations going forward.
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“We are also making progress towards resolving outstanding legal issues with the City of Central Falls, and are pleased to have reached an agreement to pay the City $30,000 to settle the disputed property taxes asserted by the City on a parcel of land owned by the Corporation.
“All of our progress to date is a testament to the dedication and hard work of the Wyatt staff and my fellow board members during the last several months. I greatly appreciate their service and commitment to the Wyatt and its mission. While much work remains, we are making real progress towards restructuring the Wyatt so that it is on sound financial footing, is responsive to our community, and remains an economic generator for Central Falls and the State of Rhode Island.”