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by Bill Cain

The Devils' Details

A Daily Gazette sports blog
Bill Cain covers the Albany Devils
 

New Jersey Devils refinancing

By Bill Cain
Thursday, January 3, 2013

After months of concern over the threat of bankruptcy and debt, the New Jersey Devils said today the organization has refinanced its credit in a way that will strengthen its ability to continue to do business. Also, majority owner Jeff Vanderbeek has bought the stakes of his co-owners, Brick City Hockey, in connection with this refinancing, according to a news release. The release did not mention how much of the organization's debt has been paid or how much remained.

Here is the statement released by Vanderbeek:

"Today’s announcement is good news for Devils fans though I fully recognize fans' frustration with the work stoppage. Our future is now secure and we can be confident of continued on-ice success. Our team has gone to the Stanley Cup Final 5 times in the last 17 years and following the most recent run to the Stanley Cup Final last year, we are excited about our future -- for Jersey's team and Prudential Center, home to the 2013 NHL Draft.

"I am grateful to Mike Gilfillan and Brick City Hockey for our former partnership. Together we shared a passion that led to the building of the Prudential Center – truly a shining jewel of a facility and in my view one of the best arenas in the entire world. The Rock is a great legacy for which we will always be proud."

For more, from The Star-Ledger, which has a closer eye on the Newark team, read THIS.

 
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