06/27/2012 09:53 EDT | Updated 08/27/2012 05:12 EDT

Captain John's floating restaurant shut down

Captain John's Harbour Boat Restaurant has been a fixture on Toronto's waterfront since 1975.

But the city has shut off the water, thereby shutting down the restaurant.

John Letnik, who owns the old cruise ship turned floating restaurant, admits he owes a small fortune in back taxes.

"I'm behind on rent and everything," he said. "So now the city [has decided] to — with the Waterfront Toronto and the port authority — to shut my water off to put me out of business."

Letnik has asked for more time to find a buyer for his ship.

In a letter to the City, the Toronto Port Authority and Waterfront Toronto, he says, "I just want to pay my bills and retire with dignity."