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Korinza building owners again in financial trouble

Date Posted: 2010-06-17

A landmark building in Okinawa City, the Korinza building, is about to go out of business as its third sector company says it will liquidate in preparation for bankruptcy.

The building, owned by Amenity Plan Co., is a joint venture between Okinawa City, Small and Middle Enterprise Development Institution and a private company. Yoshinori Shimabukuro, the Vice Mayor of Okinawa City and president of the corporation, says the decisionís been made to dissolve the company because of debt totaling more than •3.97 billion. Built in 1996 with funding from Okinawa Prefecture, the Korinza Building has been a core structure for businesses and the Ashibinaa Theater owned by Okinawa City.

Shimabukuro says the debt exceeds its •2.7 billion in assets to the point the company cannot continue to operate. He says the liquidation is necessary, because immediate bankruptcy would prevent the company from operating at all. Owners have struggled for years, trying to attract and keep businesses. Most gave up and moved operations to other locations, leaving Ashibinaa Theater as a major occupant. Nobody is willing to accept that Korinza Building could become a profitable operation.

Amenity Plan Co., has asked Okinawa Prefecture for forgiveness of the •3.97 billion debt, but given the prefectureís own financial state, officials say thereís little likelihood that will happen. Reports this week continued that the prefecture continues to demand Amenity Plan Co., meet financial obligations.

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