Debt-ridden Michigan GOP seeks to sell headquarters to pay $500K loan currently in default – By Carl Gibson (AlterNet) / Jan 17, 2024
The Michigan Republican Party is struggling to stay afloat after failing to pay interest on a loan from Comerica Bank for more than 120 days. Now, the party is contemplating the sale of its headquarters in order to pay off some of its mounting debt.
According to nonprofit online news outlet Bridge Michigan, the Michigan GOP has been in default on a loan of more than $500,000 since December 12. Since then, the loan has accumulated more than $10,000 in interest and nearly $1,000 in late fees.
“The MRP has not responded to the Demand Letter and, as of the date of this Motion, has been in default for over 120 days,” Comerica Bank wrote in a filing to Ingham County Circuit Court.
