A South Texas prison shut this month is the latest of more than a dozen formerly profitable private prisons in Texas to have failed.
And records from a bond research firm examined by the San Antonio Express-News show at least seven of lockups are in arrears in payments on nearly $200 million in bonds.
Maverick County west of San Antonio jumped into the private prison business nearly a decade ago amid promises of low risk and long-term economic benefits.
But the newspaper reports Sunday federal immigration policy changes have led to fewer detentions, criminal justice philosophy has shifted away from long sentences and incarceration for minor offenses, and public prison systems have expanded.
The result has been an overcapacity of prison beds.
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Information from: San Antonio Express-News, http://www.mysanantonio.com
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