HomeMy WebLinkAbout2001-08-13 01-315 RESOLVEItem NO, 01-315
Date: 08-13-01
Item/Subject: Resolve - Ratifying the Execution and Delivery of Acceptance of Sea Dog Brewing
Wmpanv Bankruptcy payment plan
Responsible Department Legal
In the crouse of its Chapter l l bankruptcy proceeding, the Sea Dog Brewing Company bas proposed a
repaymentplan which will become effective if a majority ofthe creditors approve of it. Under the proposed
plan, the Sea Dog will pay to the City $29,524 plus interest in personal property, taxes, $3,746 plus interest
in sewer fees, $268 in police costs, and cure any lease defaults. In other words, the City will be paid 100° o
of what is owN to it. The City executed an acceptance of this plan on August 7, 2001 in order to meet the
August 13, 2001 deadline; this Resolve ratifies the acceptance.
Department Head
This was reviewed at the last Strategic Issues Meeting and recommended for rural Counci approval
City Manager
Associated Information: Resolve
(;L
Finance Director
City Solicitor
Introduced for &jtAsV-
% Passage
_ First Reading Page _ of
Referral
01-315
AssItoed to Councilor Palmer august 13. 2001
I. CITY OF BANGOR
(TITLE.) Rewlve, Ratifying the Execution and Delivery of Acceptance of Sea Dog
Brewing Company Bankruptcy Payment Plan
m
That the action of Edward A. Barrett, City Manager, in exeatlng and
delivering the payment plan of the Sea Dag Brewing Company, Case No. -00-11861, is hereby..
ratified and accepted.
m CRY COgNCIL
August 13„ 2001
passed
p 01-315
�YSA'l�
(TITLE,) Bacffviav the Beeeneinn awd
Delivery of Accep[mce of Sea Dog Brewing
AuignM bGouMlarOMY./
Cae