Facebook Twitter Email
JUNE 1, 2001

Nine small Alaska Native village corporations have been saddled with an $11 million loan because two large regional corporations rid themselves of responsibility for the debt.

Western Alaska Village Enterprises, or WAVE, filed for bankruptcy in January. Soon after, the village corporations discovered, surprisingly, that they were solely liable for the large loan

WAVE, a grocery and transportation business, was formed by Calista Corp., one of the 13 regional Alaska Native corporations. Calista and NANA, another regional corporation, were the two biggest investors in WAVE but didn't guarantee the bank loan.

Get the Story:
Debt threatens 9 village corporations (The Anchorage Daily News 6/1)

Relevant Links:
Calista Corp. Overview, Juneau Empire - http://juneaualaska.com/between/calista.shtml

Related Stories:
Native Corp. sees tourism losses (5/31)
Native Corp. survives bankruptcy (5/30)
Alaska Native housing plan rejected (5/29)