Atlantic City’s Steel Pier amusement pier may be able to hold onto some of its most popular rides after a lender agreed to mediation, rather than repossessing the rides.
The Pier’s owners owe about $1.5 million to Firestone Financial after a string of defaults. Last year the company moved to repossess several of the pier’s rides, which were used as collateral for loans, according to a report in the Press of Atlantic City.
“It’s getting settled,” Pier President Anthony Catanoso told the paper.
The New Jersey Casino Reinvestment Development Authority is also involved in the negotiations and is considering paying off the debt and assuming Firestone’s rights under the loan deal, according to the Press.
The authority has loaned the Pier’s owners $10 million to develop the attraction including the planned creation of a 220-foot observation wheel and is seen as having to protect that investment.
