by David Pavlak on 08/14/12 at 12:37 AM ET
“Although an Aug. 14 deadline for the Devils to settle their $77 million debt is looming, it is expected that the team’s lenders will remain patient while waiting for managing partner Jeff Vanderbeek to complete the refinancing of that debt and the restructuring of the ownership group.
Indications are that Vanderbeek will not settle the debt before Tuesday’s deadline. That would allow the banks to force the team into bankruptcy, but a source confirmed the lenders are not likely to do so.
A source said Vanderbeek has already worked the debt down to less than $35 million and raised roughly half of that remaining figure, leaving him needing about $18 million more to fully cover what the team owes the banks. If the lenders were to push the team into bankruptcy, they would likely recover much less than that. That gives them every reason to give Vanderbeek the time he needs to raise the rest of the money the team owes.”
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