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S & L Buys Half of Harbor Village in Bankruptcy Foreclosure Sale

October 22, 1987

Great Western Savings & Loan Assn. has acquired about half of the commercial center of Ventura Harbor Village as the result of a bankruptcy foreclosure sale that drew no other bidders.

Ocean Services Corp., the former owner, filed for protection under Chapter 11 of the U.S. Bankruptcy Code in February because it was unable to make payments on loans that totaled more than $13 million. Great Western was owed about $3.5 million, a bank attorney said.

Last week, a U.S. Bankruptcy Court judge refused to allow Ocean Services to sell the 32-acre Harbor Village to a Canadian company, which cleared the way for bank lenders to foreclose on the shopping and boating operation.

Security Pacific National Bank, a creditor that is owed about $3 million and also has property liens, has scheduled its own foreclosure sale for Oct. 26.

Ocean Services still controls half of Ventura Harbor Village, a boat yard, a 200-slip marina, a fishery building and some undeveloped land.

Harbor officials said the sales are expected to have little effect on the 50 shops, businesses and restaurants in Harbor Village. The Village is at the core of all tourist activity at Ventura Harbor and generated record revenues last year.

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