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Dover Motorsports Inc. Message Board

  • cut_print@sbcglobal.net cut_print Nov 14, 2010 6:38 PM Flag

    There will be a limit

    To the banks' patience as evidenced by the banana republic terms they are having to abide by in their credit agreement. One way or another they have to reduce the leverage ratio in half by this time next year. This won't happen just through operational improvements so look for more slashing of expenses and the application of all sale proceeds from Memphis and possibly Gateway towards debt repayment. Basically in a sale they will have to swallow a 20 million dollar haircut because of the outstanding Nashville bonds. A legacy to hubris and stupidity.

 
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