Report: Devils miss Sept. 1 loan payment, could face threat of bankruptcy | ProHockeyTalk
Last season was a tough one on the ice for the New Jersey Devils, but [...] things are much rockier on the accounting spreadsheets. Josh Kosman cited an anonymous source who reports that the team missed a $100 million Sept. 1 loan payment, which is a troubling issue because it could push the franchise toward bankruptcy.
Also troubling since $100 million is a very large payment. Maybe they should refinance.
[...] The source told Kosman that the Devils are "blowing up," which we will assume isn’t slang for "on a roll" in this instance. The report indicates that the Devils’ issues are multifaceted. The first problem is that the team’s ownership is in a state of flux, even if majority owner Jeff Vanderbeek stays in the picture. Co-owner Ray Chambers has been trying to sell his share of the team for about a year but hasn’t had any luck so far. Kosman also writes that Vanderbeek doesn’t have a good relationship with lenders [...].
[...] It all seems like a very messy situation for the Devils.