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View Full Version : NJMP Files for Chap 11

BigAls87Z28
03-09-2011, 11:33 AM
http://www.speedsportlife.com/2011/03/09/new-jersey-motorsports-park-files-for-chap-11-bankruptcy-protection/
sweetbmxrider
03-09-2011, 12:28 PM
Hopefully it is for the better and the place sticks around.
88WS-6
03-09-2011, 12:49 PM
Uh-oh. That would be a big loss to NJ.
Tru2Chevy
03-09-2011, 03:21 PM
From reading the linked article and others it seems like as of now they plan on running the entire 2011 racing schedule. They also say that the racing portion of their business is doing well, but in their original plans a large chunk of their expected profit was supposed to come from condos / villas / hotels / retail that was planned to be built on site, and thanks to the economy tanking the year they opened, very little of that development occurred.

- Justin
qwikz28
03-09-2011, 05:11 PM
Chapter 11 simply dissolves them of their debts and forces them to prove to a court that they can become profitable. Chapter 7 is what you want to avoid.
sweetbmxrider
03-09-2011, 07:07 PM
The suites are in an awesome spot. If only I was a rich man....
Frosty
03-09-2011, 08:16 PM
Chapter 11 simply dissolves them of their debts and forces them to prove to a court that they can become profitable. Chapter 7 is what you want to avoid.

Exactly.