Cultural center The Japanese Cultural Center said today that it has paid off its bank debts, clearing its mortgage, and is moving to pay off all its other debt by June 30.
pays off its debts
By Russ Lynch
rlynch@starbulletin.com"We've been able to raise $8.4 million of the original $9 million" in debt that had mounted by last fall, said Colbert Matsumoto, head of a special fund-raising committee.
One big pledge was an offer by the banks to waive $1.5 million in interest. By the end of 2002, the center had pledges for enough money to pay the $6 million remaining on its mortgage.
That money has now all come in and has been paid to the lenders -- Bank of Hawaii, Central Pacific Bank, City Bank and First Hawaiian Bank -- meaning the Japanese Cultural Center owns its facility free and clear.
That left $1.5 million in other debts, such as payments owed to service providers.
Donations continued to come in, more bills were paid and those debts have been reduced to about $600,000, Matsumoto said.
"We are working on taking care of all the other creditor obligations that are out there," he said.
The goal is to clear all past debt by June 30, the end of the center's fiscal year, so it can get a fresh start, he said.
In other news, the center announced some changes to its 20-member board of directors.
Fujio Matsuda, former University of Hawaii president, was named chairman, replacing Don Takaki. Other new directors are financial adviser Donn Ariyoshi, Hawaii Herald writer Brandon Hayashi, attorney Francis Sogi and Eric Martinson, a principal of MN Developers Partners.
