by David Pavlak on 11/04/11 at 05:35 PM ET
From Mike Ozanian of Forbes
“Vanderbeek already missed a $100 million principal payment that was due Sept. 1. He was given an extension by the lenders in order to try and raise enough money to buy out co-owners Ray Chambers and Mike Gilfillan, but they wanted no part of it. Vanderbeek can buy some time because technically the team cannot be forced into bankruptcy by creditors until after the Stanley Cup finals. But the longer he holds onto the team the bigger the debt problem because he is not making interest payments.”
The full article can be read here.
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