Malibu Grand Prix to Use Collateral for Repayment
Malibu Grand Prix, a Woodland Hills operator of miniature Grand Prix race tracks and golf courses, has entered into an agreement with its principal lender, Union Bank, to provide $2 million collateral in lieu of making a scheduled loan payment in the same amount.
Malibu said it would repay the obligation either from earnings or from the sale of leases. The collateral was provided by Malibu’s chairman, Ira Young, and Intercoastal Properties, an affiliated corporation.
The publicly traded company owns and operates 40 recreational centers throughout the United States.
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