Friday, October 19, 2012

Estaleiro do Ouro
(The Secured Loan, 4 of 5)

(continued from here)

Unfortunately, fish prices declined for quite some time and the business venture didn't go very well. The project soon turned cashflow negative and Goa defaulted on the loan.

The bank (a now defunct local savings & loan called Credito Predial Portugues) accelerated the loan and proposed a debt settlement which Goa didn't accept, leaving the bank no option other than to proceed with a foreclosure action.

(continues here)

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