Sep. 12 at 1:23 PM
$HOFV
https://www.crainscleveland.com/sports-recreation/hall-fame-village-buyout-risk-irg-threatens-exit
A Sept. 5 SEC filing from Hall of Fame Resort & Entertainment Co. warned the Village's survival was at risk — but Industrial Realty Group (IRG) president Stuart Lichter says the filing looks worse than it is and that the company remains committed to moving the project forward, even if the current merger plan must change.
In the filing, the Village said affiliates of IRG had given notice of their intent to walk away from the merger agreement signed in May, warning that the company’s survival could be at risk if the deal falls through and lenders refuse to extend nearly
$15 million in looming debt.
Lichter said IRG and its affiliates have already made significant concessions — including writing off half their debt and converting the rest into equity — but the deal stalled when some noteholders refused to go along with those terms.
