|Pacifica confirmed yesterday that they are selling the KPFT building in Houston to pay down a small portion of Pacifica’s $3.2 million loan that is due October 2022. KPFT is being forced to trade a fully paid off property that they own for monthly rent at a new property. |
KPFA and KPFK Buildings Also in Jeopardy of Sale or Lease
Pacifica just announced plans for “the lease or sale of certain properties” (more than just KPFT building) “to provide sufficient cash flows to properly service the debt and provide sufficient working capital to satisfy ongoing operation expenditures and related commitments (such as payroll and related benefits)” (Pacifica audit for FYE 9-2020 filed June 30 2021, page 28).
In other words, Pacifica will be selling or leasing the KPFA and/or KPFK buildings to pay its ongoing expenses including payroll and help pay off the $3.2 million loan.