Indianapolis Downs seeks brief exclusivity extension amid discussions

By Caroline Salls

Pittsburgh, Jan. 30 - Indianapolis Downs, LLC requested an extension to its exclusive periods for filing and soliciting votes on a plan of reorganization, according to a Jan. 30 filing with the U.S. Bankruptcy Court for the District of Delaware.

The company wants to extend its exclusive plan-filing period to Feb. 14 from Jan. 31 and the solicitation period to April 3 from March 20.

Indianapolis Downs said the extension would allow it to continue ongoing discussions with its major constituencies to achieve a consensus on a reorganization process.

According to the motion, the company has been in negotiations with two major creditor constituents on potential restructuring alternatives and has received one written and two verbal indications of interest from strategic buyers in the last three weeks.

A hearing is scheduled for Feb. 14.

Indianapolis Downs, a Shelbyville, Ind., racetrack, off-track betting and gaming company, filed for bankruptcy on April 7, 2011. The Chapter 11 case number is 11-11046.

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