Kukla's Korner

Devil's Advocate

New Jersey Devils still facing money woes

From Tom Gulitti’s Fire and Ice blog:

“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.”

 

Filed in: New Jersey Devils, | Devils Advocate | Permalink
  Tags: jeff+vanderbeek

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About Devil's Advocate

I am an all around NHL fan. I love to watch Atlantic Division, and root for the Philadelphia Flyers. Just because I cheer for the Flyers, doesn’t mean I don’t keep up with the other teams in the division, specifically the New Jersey Devils. Devils Advocate will provide you with the most important Devils news, filled with my opinion about the selected topic.

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