A timber company owned by Yakutat’s village corporation has filed for bankruptcy this month after a bank sued the corporation over $13 million in outstanding debts.
This Yak Timber logging at Humpback Creek is controversial because the site is culturally and historically significant, according to the Yakutat Tlingit Tribe, Central Council of Tlingit and Haida Indian Tribes of Alaska, and Sealaska Corporation.
“The matter itself is almost like a broken piece of glass, with so many edges it’s impossible to pick up without getting cut,” Gildersleeve said. “There’s a shock of what’s happened to tribal lands and disbelief that there could be a claim of the size against an organization that is ultimately run by our friends, family and neighbors.”, alleges that Yak Timber owes the Washington-based bank about $13.3 million in unpaid loans. The suit was filed in U.S. District Court in Seattle on March 31.
The suit says the corporation hasn’t made payments since the middle of 2022. The bank is seeking repayment, interest, and attorney’s fees. It lists equipment along with timber, proceeds, and property as collateral., corporation leadership said their board “is united in every possible effort to address the allegations.”
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