Thread: Devils Default on Loan, Bankruptcy Looming????

Yeah, I really can't see NJ moving. They have the Prudential Center. The Islanders have an old decrepit barn they need to get away from. But still, it doesn't look good. I've never really been one to lust for Parise like some other around here....but....bankruptcy looming and Parise with a contract that's up very soon....Brodeur starting to show his age.....

Originally Posted by Dr. Naysay

Then move the Coyotes to Seattle, the Stars to Quebec and the Panthers to Hamilton.

Originally Posted by Kubrick

Then move the Coyotes to Seattle, the Stars to Quebec and the Panthers to Hamilton.

And move Kansas to New Jersey, they deserve a team.

Devils aren't going anywhere...Vanderbeeck will have to McCourt his way out of town though. Although I know Bettman will do absolutely **** all to help the team out of this mess.

Originally Posted by Blueline

Kansas City Devils sounds like a possibility.

C'mon, know ur history.

Originally Posted by jerseydevil

Devils aren't going anywhere...Vanderbeeck will have to McCourt his way out of town though. Although I know Bettman will do absolutely **** all to help the team out of this mess.

Speaking of McCourt, I hear hes available and looking for a new team to **** over.

Peltz power play - NYPOST.com

Billionaire investor and hockey enthusiast Nelson Peltz is weighing a plan to buy the $250 million in debt of the troubled New Jersey Devils, a source close to the situation told The Post.

The plan being discussed by Peltz, whose Triarc Companies owns Wendy’s, includes lining up an equity investor to buy the money-losing NHL team should the current team owners fail in their talks with lenders to restructure the debt, according to one person who has spoken with Peltz about the plan in recent weeks.

Peltz, who was said to be interested in buying the New York Islanders last December, is seeking a partner to provide perhaps $50 million in equity in a purchase of the team in a prepackaged bankruptcy.

The Devils missed an Oct. 17 deadline to make a roughly $80 million principal payment. Lenders have not put the team in default.

Rather, the group has extended the deadline and is negotiating with controlling owner Jeffrey Vanderbeek to reach a restructuring.

Vanderbeek is working with Goldman Sachs on an ambitious plan to securitize the team’s TV rights deal. If successful, the securitization will generate roughly $80 million — enough, it is believed, to pay lenders and get the debt restructured.

Goldman has told the lending group the securitization is on track and should be done in mid- to late-January.

If Vanderbeek succeeds, it could put the Peltz plan on ice.

However, while the lending group is working with the Devils to restructure its loans, one lender told The Post he would jump at an offer of $200 million.

Hmm. Seems like a good thing for the Devils. I like Vanderbeek as an owner...he is all about the state of New Jersey, but I don't want lingering financial issues. That 'plan' of his sounds kind of 'McCourt-ish' as well. Peltz seems to be a New York guy so hopefully any relocation talks(which would be ridiculous anyway) would go immediately away. I want this resolved one way or the other.

Kings fans can't worry about the Devils, they have more important things to worry about especially when the Kings are about to play two games away from home.