Scheels Arena Reaches Deal With Creditors, Reduce Debt

FARGO, N.D. (AP) – The operator of Scheels Arena in Fargo has finalized a deal with creditors to slash the facility’s debt.
     Metro Sports Foundation treasurer Bruce Furness says the agreement cuts the arena’s debt from $23 million to $6.8 million. He says it was made possible by $8.5 million from a donor who has chosen to remain anonymous, banks agreeing to reduce their share of the debt and private lenders forgiving loans.
     Furness says the arena’s creditors view it as an asset to the
community and want to keep it from failing. Arena General Manager
Jon Kram says the facility will turn a modest profit after the deal
kicks in at the end of the year.
     The nonprofit Metro Sports Foundation runs the arena owned by
the Fargo Park District.