Exclusive trash hauler Lagu Sterilization, which utilizes 17 folks and has 514 residential plus commercial customers, is struggling financially and will have to shut down, according to the attorney.
The business, which payable $1 million in tipping fees to the federal government of Guam, is looking to renegotiate the particular payment conditions of its 03 2012 settlement, according to federal court documents.
Regardless of its cost cutting efforts, the company has been losing profits each month since January 2012 and has been unable to collect $1,000,000 it is payable, attorney Chris C. Perez stated in The fall of.
According to Perez, Lagu since November had paid $668, 482. 68 of its debt under the contract.
The company desires to eliminate the 10-percent penalty on the outstanding financial debt and instead desires a 10-percent discount provided that it pays present and outstanding fees on time. It also desires to stretch repayments out an extra four yrs, until Feb 2020.
Typically the federal court on Friday issued an order, giving the company until Jan. thirty-one to state if the new negotiation had been reached, otherwise the court will certainly schedule a new hearing around the matter.