With one analyst tagging the proceedings "Groundhog Day," Magna Entertainment Corp. announced Feb. 29 more losses during a short, testy conference call that discussed year-end financials for 2007.
Magna Entertainment Corp. officials said Sept. 13 the company's debt-reduction plan isn't a "fire sale," and they hope the racetrack operator is in the black in 2009.
Frank Stronach, chairman of Magna Entertainment Corp., attempted to allay investor fears Thursday on the heels of yet another shakeup in the company's leadership. Stronach said he will serve as MEC's chief executive officer until a replacement can be found for outgoing president and CEO Tom Hodgson, whose departure was announced March 14.
Magna Entertainment Corp. announced Tuesday that president and CEO Tom Hodgson will leave the company at the end of this month and that the board has initiated a search process for a successor.
Feeling the pinch of losing its Bay Meadows lease and the continued drain brought on by the rebuilding Gulfstream Park and Laurel, Magna Entertainment reported $26.9 million in second-quarter losses, the company disclosed Thursday. That translates to a loss of 25 cents a share.
Magna Entertainment announced a recapitalization plan July 22 that includes two binding loan agreements with its subsidiary, MI Developments. The plan also includes a bridge loan that a Magna press release said "will permit us to proceed with an orderly marketing and sale of non-strategic real estate, racetracks, and other assets."
Magna Entertainment Corp. announced Tuesday that Thomas W. Hodgson has been appointed chief executive officer, replacing Jim McAlpine.
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