NatCity Bails on Centerplate Financing Agreement

Centerplate Inc. (AMEX/TSX: CVP) said that National City has reneged on its agreement to finance its acquisition by Kohlberg & Co., under the originally agreed upon terms. Centerplate said that NatCity had committed to providing $175 million for the deal, and that the bank now wants to renegotiate.

 

Centerplate is a Stamford, Conn.-based provider of food services, including concessions, catering and merchandise services in more than 130 sports facilities, convention centers and other entertainment venues throughout the United States and Canada.