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Source: RPM close to deal

Updated: April 13, 2010, 3:59 PM ET
By David Newton | ESPN.com

CHARLOTTE, N.C. -- Richard Petty Motorsports agreed Monday night to a deal that would restructure the debt of the company, a source close to the situation told ESPN.com on Tuesday.

According to the source, the deal is subject to final signatures and that 10 of the 11 banks involved in the restructuring have agreed to terms.

This comes on the heels of a report that RPM, owned by George Gillett, has been in default on a loan of about $90 million since February. The source ...

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