Fair Grounds Auction Now Set for Aug. 16

A United States bankruptcy judge issued a ruling July 8 that could facilitate auction of Fair Grounds on Aug. 16.

Judge T.M. Brahney III gave conditional approval of the New Orleans racetrack's amended disclosure statement, a document filed in June with the track's amended plan for Chapter 11 reorganization, the New Orleans Times-Picayune reported July 9.

The statement explains the plan, provides financial information, and outlines risks, the newspaper reported. Churchill Downs Inc. is expected to make an opening bid of $45 million for Fair Grounds. Approval of the statement is necessary before Fair Grounds' creditors can vote on approving the plan.

The Louisiana Horsemen's Benevolent and Protective Association, Video Services Inc., and the unsecured creditors' committee had objections to the amended statement. Jan Hayden, an attorney for Fair Grounds, told Brahney changes were made and the objections were satisfied.