Troubled Xanadu project now in hands of creditors

EAST RUTHERFORD - (AP) - Creditors have taken over thetroubled Xanadu retail and entertainment complex, and a spokesmanfor the lenders says the group is negotiating with companies torevive the stalled $2 billion project.

The unfinished complex sits next to the Izod Center in theMeadowlands. Construction has been suspended since last year due tofunding issues.

On Tuesday, the five lenders exercised their right to takecontrol of the project from an ownership group led byCalifornia-based Colony Capital.

Michael Beckerman, a spokesman for the lenders, says the groupis negotiating with "several world-class entertainment and retailoperators" to complete the project.

A panel commissioned by Gov. Chris Christie has recommended thatthe state offer financial help to finish the project.

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