Fair Grounds Gets Extension for Reorganization Plan
Fair Grounds has been granted an extension to Monday to file a Chapter 11 reorganization plan. The extension of Thursday's deadline was granted in order for Fair Grounds officials to have more time to negotiate a possible purchase of the track by Churchill Downs Inc.According to documents obtained by the New Orleans Times-Picayune, CDI gave Fair Grounds a deadline of 4 p.m. Wednesday to agree on CDI's $45 million offer. That deadline has been scrapped because of the extension given Fair Grounds in its bankruptcy case."The reason for the extension is that negotiations are ongoing between the parties, and we needed additional time to see if we can get a deal or not," said Douglas Draper, an attorney representing Fair Grounds in the bankruptcy case. "We're working in the context of Churchill's interest in the Fair Grounds."Fair Grounds officials are scheduled to meet with CDI chief executive officer Tom Meeker on Thursday in New Orleans.