Raceway gets 30-day sigh of relief
| Tuesday, Apr 07 2009 05:32 PM
Last Updated Tuesday, Apr 07 2009 05:36 PM
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The Kern River Raceway off Enos Lane, just west of Interstate 5, in late 2008.
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Developers of the unfinished Kern River Raceway southwest of Bakersfield got a 30-day extension on a foreclosure auction scheduled for Thursday.
Tim Elrod, speaking for the Destefani farming family developing the NASCAR track, said the auction has been postponed until early May after talks with lenders.
The group will continue to work with a potential buyer and explore other options to repay creditors if the sale doesn't pan out, Elrod said.
The project hit financial turbulence when the real estate market tanked, sending a $4.5 million loan into default and leaving construction companies unpaid for work on the future half-mile oval track southwest of Interstate 5 and Enos Lane.
