Devils deny report that they face bankruptcy
Monday, September 12, 2011
NEWARK, N.J. (AP) -- The minority owners of the New Jersey Devils are finalizing a deal to sell their interest in the NHL team and give managing partner Jeff Vanderbeek some new partners.
The Devils disclosed the potential sale by Brick City LLC in a statement on Monday in which they said a report in the New York Post that the team was facing bankruptcy was inaccurate.
Brick City LLC is the legal name for the Devils share owned by Ray Chambers and Mike Gilfillan, his son-in-law.
Quoting a source, The Post said team missed its Sept. 1 loan payment, giving its lenders a breakaway chance to push the team into bankruptcy. The newspaper also said the team had a bad relationships with its banks.