NJ Motorsports Park emerges from Chapter 11 stronger than before
New Jersey Motorsports Park recently officially emerged from Chapter 11 bankruptcy protection, just a few months after announcing its reorganization plan. The plan moved quickly from the start, which included a formal announcement on March 7, 2011.
The confirmed plan included restructuring of debt and company equity, including an investment of $2,100,000 from NEI, LLC, the new majority and managing ownership group headed by Lee Brahin and Richard J. Valentine, and the payment and restructuring of all unsecured debts.
With the reorganization now complete, NJMP has now turned its attention towards preparing promotions for an exciting 2012 racing season, future capital development and new business opportunities.
"While the Chapter 11 filing occupied a lot of our time over the last few months, we're proud that we were able to restructure the organization without any interruption to on- or off-track activities this season," said Brad Scott, general manager of New Jersey Motorsports Park. "Interest in NJMP remains high. The quantity of tickets sold were up year-over-year for several of our major events, track rentals have been solid and interest in using NJMP as the host site for non-motorsports activities continues to be a hot topic for us.
"We'd like to thank our customers, members, sponsors, track renters, vendors, community partners and staff for their patience and support. Collectively, NJMP is in a better position today to build towards the future, and as we grow we look forward to including all of our stakeholders in our exciting future plans."
Projects, such as the continued development of the "Field of Dreams" motocross facility and trail park planned to be built adjacent to NJMP, remain a top priority, as do adding new events, activities and attractions to further establish NJMP as a key tourism destination in South Jersey.
NJMP is actively working to solidify its 2012 calendar of events, including major spectator events, club races and track days, karting competitions and other motorsports activities while exploring a number of community events such as concerts, festivals, social activities and catering. The complete 2012 schedule of major events is anticipated to be released later this fall.