Harbor Village has posted increasing revenues each year, with gross sales hitting $9.7 million in the calendar year ended September, 1987, Parsons said.
But that hasn't represented enough revenue to Ocean Services for the company to pay off its bond debt, company officials have said.
To keep operating and complete construction plans, Ocean Services borrowed an additional $8 million from Great Western Savings & Loan Assn. and Security Pacific National Bank, which have become its two largest creditors.
The two banks foreclosed in October. Since then, Security Pacific has continued to pay some Ocean Services employees, including Jenks, to manage the property while it sorts out what it has inherited.