Untalan said about $1.1 million of the cathedral's debt is outstanding payables to suppliers, vendors and other creditors.
He said the remaining $800,000is owed to the Bank of Guam, and the council has not yet determined how that money, which refinanced part of an older loan, was spent.
The original loan was used for renovations and repairs at the cathedral, Untalan said. That loan was almost paid off when it was refinanced and a new amount was borrowed from the bank, he said.
PACIFIC DAILY NEWS
Agana cathedral under internal receivership over $1.9M debtCONTINUED
GUAM DAILY POST: Cathedral ‘cannot meet its obligations’
KUAM: To get out of $2M debt, Agana Cathedral placed in receivership
PACIFIC NEWS CENTER: Agana Cathedral placed under receivership: "We're bleeding!"
By the way, it looks like our STOP THE MONEY campaign worked. Now, just a couple more things before we can reverse that campaign. APURON OUT!