A bankruptcy court has granted permission for Magna International Corp. (MEC) to sell its track in Austria to a group associated with company founder and chairman Frank Stronach, Bloomberg reported July 30.
According to Bloomberg, U.S. Bankruptcy Judge Mary Walrath in Wilmington, Delaware, ruled that the 650-acre track near Vienna, MEC-owned Grundstucksentwicklungs GmbH, though not part of the bankruptcy, could be sold.
Magna also owns such tracks at Santa Anita Park in California and Gulfstream Park in Florida.
Despite objections from a committee representing unsecured creditors, the judge agreed to allow the company to sell the track outside of the chapter 11 proceedings.
