Aug 16, 2012, 1:49 PM EDT
According to the New York Post, Devils owner Jeff Vanderbeek is on the verge of reaching a deal with lenders that would allow him to retain control of the club for at least two more years.
The proposed deal would buy Vanderbeek — who has been trying to scrounge up cash to pay off overdue loans — another two years to either refinance the team’s debt or sell the club, sources said.
The deal calls for combining the team’s debt with separate loans against Devils Arena Entertainment, which collects concession revenue from Prudential Center events, into a single $160 million loan.
The former Lehman executive dug into his own pocket to inject fresh cash into the team and raised enough from new investors to pay off a few lenders who do not want to participate in the proposed restructuring, sources said.
The Post reports the deal could still collapse, which could force the Devils into bankruptcy.
However, The Record explains why bankruptcy is unlikely for now:
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.
Obviously the lenders will be watching the CBA negotiations closely. According to Forbes, New Jersey is a money-losing franchise, so a lockout shouldn’t hurt the bottom line too badly. In fact, it may help it. And if the owners can score a better deal from the players, Vanderbeek’s prospects of repaying the debt will improve.
Jun 19, 2013, 12:05 AM EDT
It’s the first NHL game on NBCSN to surpass 4 million viewers.
Jun 18, 2013, 10:50 PM EDT
They beat the Syracuse Crunch in six games.
Jun 18, 2013, 10:23 PM EDT
“It’s going to be a strong, solid franchise just like Winnipeg is now.”
Jun 18, 2013, 9:27 PM EDT
Things are getting dramatic in Philadelphia.
Jun 18, 2013, 8:38 PM EDT
His annual cap hit is a hefty $7,727,273.
Jun 18, 2013, 7:40 PM EDT
Coburn might be heading the other way.
Jun 18, 2013, 7:10 PM EDT
He also loves 2013 NHL Draft prospect Darnell Nurse.
Jun 18, 2013, 6:15 PM EDT
The coach already had him picked as Plan B if Marian Hossa couldn’t play.
Jun 18, 2013, 5:30 PM EDT
Blackhawks coach knows his team has to improve in those areas.
Jun 18, 2013, 5:30 PM EDT
Stemming from his arrest in 2011.
Jun 18, 2013, 4:47 PM EDT
“I’ve got a nice little scratch mark on my forehead from the claw marks.”
Jun 18, 2013, 4:42 PM EDT
23-year-old defenseman had six goals in the playoffs.
Jun 18, 2013, 4:13 PM EDT
26-year-old made his NHL debut last season.
Jun 18, 2013, 3:26 PM EDT
But will they stay?
Jun 18, 2013, 3:18 PM EDT
Could an NHL team one day call it home?
Jun 18, 2013, 3:07 PM EDT
As per TSN’s Bob McKenzie.
Jun 18, 2013, 2:49 PM EDT
He’s still “day-to-day” with his injury.
Jun 18, 2013, 2:18 PM EDT
He’s been given permission to seek employment elsewhere.
Jun 18, 2013, 2:16 PM EDT
“We don’t care about calling certain guys superstars on our team,” said the coach.
Jun 18, 2013, 1:38 PM EDT
Hey, he did take two weeks off.
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