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+--- Thread: NJMP bankruptcy update (/showthread.php?tid=2719)
- Phokaioglaukos - 05-24-2011
Dear Driver’s Club Members,
We are excited to begin our exit from our bankruptcy proceedings! We anticipate that the court will approve our Plan of Reorganization on July 14th, which is well ahead of the originally projected date. To detail our progress, there will be a press statement going out this afternoon from our Financial Advisors, The Brownstein Corporation, explaining an Investment Opportunity which is part of our pre-packaged re-organizational plan.
NJMP made the decision to reorganize in order to restructure its balance sheet. It had taken on too much debt, and like many businesses dealing with the events of 2008-2010, our original forecasts proved to be too optimistic. So, like many businesses in our situation, we are utilizing a bankruptcy proceeding to restructure our debts and equity. Fortunately, our secured lender, Merrill Lynch Mortgage Capital, Inc., is co-sponsoring our Plan of Reorganization, and we anticipate emerging from the bankruptcy process within several weeks with reduced debts, stronger than ever. In the meantime, we are managing our business as usual, and making exciting plans for the future which we’ll announce after our Plan has been confirmed. The bankruptcy process has had and will have no effect upon our 2011 scheduled racing events or other social events. Drivers Club Memberships, season passes, pre-event ticket sales, VIP suite and Villa rentals, track rentals and all other NJMP operations have not been affected, and we expect business to be conducted as usual throughout the remainder of the bankruptcy process and after we exit within the next several weeks.
If you have any questions regarding the press statement or investment opportunity please call or email Angela Phillips at (302) 521-5194 or angela@brownstein.com. Any NJMP operating questions may be directed to Brad Scott, General Manager of NJMP at bscott@njmp.com
We look forward toward moving into the future and appreciate all your support during these recent proceedings.
Thanks.
Joe Volpe
Director of Motorsports Activities
New Jersey Motorsports Park
47 Warbird Drive
Millville, NJ 08332
856-327-7225
856-327-8835 Fax
jvolpe@njmp.com