Calais museum bankrupt
The troubled Downeast Heritage Museum on Tuesday announced it has filed for bankruptcy.
The Calais museum filed for Chapter 7 bankruptcy in a Bangor court Monday. Chapter 7 will allow the museum to liquidate its assets to pay off $1.6 million in mortgage debt, the Bangor Daily News reported. The museum, which opened in 2004, struggled from the beginning to make ends meet amidst declining federal funds and a lack of visitors. In 2006, the museum filed for Chapter 11 bankruptcy, which allowed it to reduce its debt from $3.2 million to $600,000. The museum did not open this summer. (Read about the museum's struggles in the Mainebiz article "Destination unknown" from August 2006.)
The museum has $13,500 in personal property, including exhibits, and owes $1 million in mortgage debt to the U.S. Dept. of Commerce and $600,000 in mortgage debt to the USDA Rural Development office, the paper reported. The museum continues to operate while it goes through bankruptcy.
Mainebiz web partners
Most Recent
Most Recent
Comments