Hedge funds specializing in distressed debt are buying municipal bonds backed by parking lots and garages at the new Yankee Stadium, which face a payment default as soon as next year, according to two people familiar with the purchases.
Monarch Alternative Capital LP and Davidson Kempner Capital Management LLC are among buyers of the debt, said the people, who asked not to be named because the investments are private. Holders could take over the garages, foreclose or force the operator into bankruptcy in a default, the people said.
