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+--- Thread: NJMP Officials File For Bankruptcy Protection (/showthread.php?tid=2660)
- dmano - 03-14-2011
Hope this turns out ok. Otherwise there might be a nice race track for sale. Cheap
MILLVILLE, N.J. — New Jersey Motorsports Park officials filed for federal bankruptcy protection Monday afternoon in U.S. Bankruptcy Court in Camden, N.J.
Located on 700 acres, the facility, which includes two state-of-the-art road courses and a go-kart track, is entering its fourth season of operation.
The track will proceed with its 2011 racing schedule, but its business plan will be subject to the approval of a judge and all of its creditors will lose out.
“Our overall plan for the future is still sound,�? Motorsports Park Managing Partner Lee Brahin told The DailyJournal.com. “Our renegotiated debt financing will enable us to move forward with our existing operational plan, although, we will continue to reduce operating expenses and are in the process of renegotiating debt with vendors.�?
NJMP General Manager Brad Scott told The DaileyJournal.com that the track’s primary lender — Bank of America — had forgiven some of the debt and restructured its mortgage. As well, Scott said the decision to seek bankruptcy protection was reached after input from Bank of America officials.
The track was announced in 2004 and opened in 2008. It has hosted the Grand Am Rolex Sports Car Series and the ARCA Racing Series among other racing divisions