According to a New York Post report, New Jersey Devils' owner Jeff Vanderbeek is still $20 million short of the money needed to pay off overdue loans. He has a week to find the necessary cash.
The Post's Josh Kosman, who has been the leading reporter on this story for months, says creditors are ready to take action on Aug. 14 if Vanderbeek comes up short. Needless to say, a failure to pay off the loans may well see Vanderbeek out of position with the team.
“He had worked out a deal to raise a certain amount and has not been able to do that,” a source told the Post.
Vanderbeek reportedly is "working — negotiating with the lenders and the National Hockey League — to remain at the head of the NHL’s Eastern Division champs should he not raise the needed money," according to the Post.
Vanderbeek missed an $80 million loan repayment in September and the problems have escalated since. He needs to have $40 million on Aug. 14, but is still roughly 50 percent short as several reported other deals have failied to materialize in the past.
If Vanderbeek is forced into bankruptcy, the future is less certain for those looking to get their money back and the loans could be ordered repaid at less than 100 percent value.
The Devils had no comment on the Post report.
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