CHICAGO -- A Los Angelesbased investment banking firm is seeking bondholder support for a detailed plan it released last week to restructure $305 million of St. Paul Port Authority Resolution 876 Common Revenue bonds to avoid a default.

Drafted by Houlihan Lokey Howard & Zukin, the plan is a more comprehensive version of a preliminary proposal that won the support of a group of bondholders in March. Houlihan Lokey designed the plan after two previous debt restructuring plans put forth by the authority failed to receive support from a majority of bondholders.

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