Keyword: Chapter 11 bankruptcy

  • MEC Reorganization Plan Approved by Judge

    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.

  • MEC Racetrack Sales Moving Along Slowly

    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.

  • MEC Parent Asks to Sell Remington for $80M

    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."

  • Bid for MEC Properties Dropped by Parent

    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.

  • State, City Seek to Protect Preakness

    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.

  • The Grandstand at Thistledown.

    Thistledown Won't Lose Operating Permit

    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.

  • Gulfstream Takes Pass on Longer Meet

    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.

  • Gulfstream Park is one of the assets that MEC is trying to sell.

    Magna Files for Chapter 11 Bankruptcy

    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.

  • NYRA Granted Another Temporary Extension

    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.

  • NYRA Creditors Can Vote on Plan

    A 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.