MONROE, La. (AP) - Owners of Louisiana's only NASCAR track are trying to stave off possible confiscation for late payments to lenders.
The financial group - BizCapital BIDCO II, Inc. of New Orleans - has asked 4th District Court in Monroe to authorize the Ouachita Parish Sheriff's Office to seize and sell Monroe Motor Speedway.
BizCapital lent North Louisiana Motor Speedway, LLC, $4.5 million.
The petition filed Nov. 24 says it is owed nearly all of the principal, plus almost $29,000 in interest and late charges.
The U.S. Department of Agriculture guaranteed up to 70 percent of the loan. But BizCapital must first get back as much as possible from the track.
Board members Stu Bashner and Gus Campbell say they're doing all they can to save the speedway.
