The gold and silver cooperative in northern Arizona is trying to keep the lights on, but the company’s finances are in trouble.
The cooperative, known as the Gold Eagle Cooperative of America, is in debt to investors who borrowed money for their operations.
The loans are paying off, but some investors want to get out of the cooperative and start another business, the company says.
So far, the loans haven’t been repaid.
The company’s co-owner, John and Kathy Gold Eagle, say they don’t want to give up.
So what they need to do is get the loan forgiven and put some of their own money into a company called Silver Eagle Financial Services, the cooperative said in a statement.
Gold Eagle is the only cooperatively owned business in Arizona.
The couple started the cooperative in the early 1990s to provide affordable loans to cooperatives that have been struggling.
It’s one of only a handful of cooperatives in the United States.
The Gold Eagle co-owners say they have a good working relationship with investors, and that they are willing to pay whatever it takes to stay solvent.
But the cooperative’s finances aren’t so good, according to its latest annual report.
Its net income for the year was $8.9 million.
Its debt, according a court filing, stood at $19.8 million.
The co-owned business has been in trouble with creditors and creditors of other cooperatives.
The co-owners say the problems they’ve encountered have been caused by bad management, bad investment decisions, and bad investments.
As a result, the co-op owes $5.3 million in principal and interest.
The principal is owed to the Arizona Cooperative Fund, the state’s primary loan fund for cooperatives and other small businesses.
At this time, the Gold Eagles have not repaid all of the loan payments to investors, according the co, whose attorneys wrote a court petition seeking a partial resolution of the debt.
Gold Eagles is seeking to recover $20.4 million of the $25 million debt.
Gold Eagle’s financial situation is “imminent,” said Brian Siegel, a partner at law firm Edelman.
“The Gold Eagle has been operating on an unsustainable basis and it’s now in an even more unsustainable situation.”
Gold Eagles’ legal battle began when the company became insolvent in 2005, according an attorney who has been involved with the case, who asked not to be identified because the matter is private.
In 2007, a $2.3 billion bond was approved by the state of Arizona, with the Gold Eagles guaranteeing that the loan would be paid off.
But that was when the co was in bankruptcy, and the loan went into receivership.
The Co-Owners have been working to get the $20-million loan forgiven, but Siegel said the co has not been able to obtain that from the bank that was the co’s principal lender.
The bank declined to comment, citing its pending litigation.
On Feb. 4, the Co-Owner sued the Arizona Supreme Court, arguing that the state did not give them enough time to file for bankruptcy and then, under Arizona law, it is illegal for the co to get its debt forgiven.
According to court filings, the bank had filed an affidavit saying it had a legal obligation to pay the loan, but Gold Eagle failed to file that affidavit.
Instead, the filing said, it was an act of fraud.
Since then, the debt has continued to accumulate, with a court hearing on Feb. 21.
Last year, Gold Eagle lost $7.5 million of $12.3 of its $40 million loan, the court filings said.
When the co lost its lender, the judge ordered the bank to pay back the debt and to repay the investors, who have until May 15 to file claims.
After that date, Gold Eagles has not filed a claim, and is asking the court to declare bankruptcy.
The case is expected to go to trial in the fall.