{"id":199660,"date":"2015-04-21T04:00:53","date_gmt":"2015-04-20T18:00:53","guid":{"rendered":"http:\/\/www.saipantribune.com\/?p=199660"},"modified":"2015-04-21T04:00:53","modified_gmt":"2015-04-20T18:00:53","slug":"article-circle-pays-off-600000-debt-to-cda","status":"publish","type":"post","link":"https:\/\/www.saipantribune.com\/index.php\/article-circle-pays-off-600000-debt-to-cda\/","title":{"rendered":"Arctic Circle pays off $600,000 debt to CDA"},"content":{"rendered":"<p>Arctic Circle Air Company has repaid its outstanding obligations to the Commonwealth Development Authority.<\/p>\n<p>According to CDA comptroller Donnie James P. Millitante, Arctic Circle has paid out their total loan as of February 30 this year.<\/p>\n<p>Arctic Circle had owed CDA $600,000.<\/p>\n<p>Saipan Tribune earlier reported that this money was supposed to be used as a pledge for the company\u2019s interim loan with the Rhode Island-based Independence Bank in 2012. The money came with the condition that it would be converted into equity once the bank loan is finalized.<\/p>\n<p>However, the loan transaction fell through. CDA demanded that the $600,000 be returned.<\/p>\n<p>CDA in March last year finalized a memorandum of agreement with Arctic Circle for a one-year payment term.<\/p>\n<p>The airline firm was required to pay $55,846 every month until all obligations were settled within 12 months. Included in the monthly payment is a 7-percent per annum interest assigned to the $600,000 loan.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Arctic Circle Air Company has repaid its outstanding obligations to the Commonwealth Development Authority. According&#8230;<\/p>\n","protected":false},"author":47,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[4002,4003,366,38],"class_list":["post-199660","post","type-post","status-publish","format-standard","hentry","category-business","tag-arctic-circle","tag-article-circle","tag-cda","tag-saipan-tribune"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/199660","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/47"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=199660"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/199660\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=199660"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=199660"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=199660"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}