PHOENIX - A group headed by Jerry Reinsdorf has taken a significant step in its bid to buy the bankrupt Phoenix Coyotes by reaching an agreement in principal with the franchise's largest secured creditor.
Steven Abramowitz, lawyer for SOF Investments, announced the agreement at a hearing in U.S. Bankruptcy Court in Phoenix on Tuesday. He said the deal included a "substantial buydown" of the US$80 million SOF is owed, with the rest rolled over into an ongoing debt.
Abramowitz urged the court to "do anything it can" to keep Reinsdorf's bid alive.
SOF Investments had previously declined to back the Reinsdorf bid, saying it supported the proposal by Canadian billionaire Jim Balsillie, who has offered $212.5 million, contingent on moving the team to Hamilton.