Get ready to wave those checkered flags – New Jersey Motorsports Park is slated to come out of Chapter 11 bankruptcy protection in July, two months earlier than anticipated.
The park’s final bankruptcy emergence plan is expected to be approved during proceedings in U.S. Bankruptcy Court on July 14.
The plan involves Merrill Lynch slashing $10 million from a $30 million dollar loan to NJ Motorsports and $2 million in assistance from NEI Motorsports. If all goes according to plan on July 14, this would result in NEI becoming the majority owner of the park and Lynch holding the minority interest in its operations, as reported by the Press of Atlantic City.
Since filing for Chapter 11 bankruptcy on March 2, the park, located in Cumberland County, has been supported by those who believe it brings jobs to the area, while many citizen living nearby are not amused by its noisiness.