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A Delaware Bankruptcy Court judge April 26 confirmed a reorganization plan submitted by Magna Entertainment Corp., parent company MI Developments, and a committee of unsecured MEC creditors.
Tuesday, April 27, 2010
Centaur LLC, the owner of Hoosier Park Racing & Casino and saddled with significant debt and interest payments, has filed for bankruptcy.
Monday, March 08, 2010
Even though Zayat Stables has filed for Chapter 11 bankruptcy protection, Fifth Third Bank will continue its push to have a trustee named to oversee the operation.
Tuesday, February 09, 2010
Though he plans to remain in the Thoroughbred business, prominent horse owner Ahmed Zayat said Feb. 3 he has filed for Chapter 11 bankruptcy protection for his Zayat Stables.
Wednesday, February 03, 2010
The Chickasaw Nation appears well on its way to purchasing Remington Park in Oklahoma from Magna Entertainment Corp., but the fate of other MEC racetrack holdings is fuzzy at best.
Wednesday, September 09, 2009
MI Developments, parent company of Magna Entertainment Corp., said Aug. 12 debtors filed a motion seeking court approval to sell MEC-owned Remington Park Racing & Casino in Oklahoma to a third party for $80.25 million pending "higher and better offers."
Thursday, August 13, 2009
MI Developments said April 20 it has agreed with MEC to terminate its "stalking horse" bid of $195 million to purchase various assets, including racetracks. MEC filed for Chapter 11 bankruptcy protection in early April, at which time MID announced it would buy some of its assets.
Monday, April 20, 2009
Mounting a defense for the Preakness Stakes (gr. I) at Pimlico Race Course, the state of Maryland and the city of Baltimore went to court March 27 to keep the second leg of the Triple Crown in the state because of uncertainties raised by the bankruptcy of Pimlico owner Magna Entertainment Corp.
Saturday, March 28, 2009
Thistledown owner Magna Entertainment Corp. has met the deadline for payment of a $1-million bond to the Ohio State Racing Commission, which means the Cleveland-area racetrack will not have its operating permit suspended.
Friday, March 27, 2009
Gulfstream Park said March 27 it will run its next meet from Jan. 3, 2010 to April 24, 2010, ending speculation it could seek dates in November and December of 2009.
Friday, March 27, 2009
Magna Entertainment Corp. announced March 5 it filed for Chapter 11 bankruptcy protection, and also unveiled a plan to sell many of its assets, including Gulfstream Park in Florida, Golden Gate Fields in California, and Lone Star Park in Texas.
Thursday, March 05, 2009
The New York Racing Association is expected to emerge from Chapter bankruptcy and make official its 25-year franchise extension Sept. 12.
Friday, September 12, 2008
The New York Racing Association has been granted another temporary extension to continue operating during most of the Saratoga meet while it negotiates a final deal with the state for a 25-year franchise.
Friday, July 11, 2008A federal bankruptcy court judge has paved the way for the New York Racing Association to emerge from Chapter 11 protection pending the outcome of a vote by creditors.
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