Magna Entertainment: Court grants request for exclusivity extension

By Lisa Kerner

Charlotte, N.C., Nov. 18 - Magna Entertainment Corp.'s request for an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan was approved, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company's plan-filing period was extended to Jan. 31 from Oct. 1 and the solicitation period to March 31 from Nov. 30.

As previously reported, Magna requested the extension because it needed more time to complete its asset sales.

Magna, an Aurora, Ont.-based owner and operator of horse racetracks, filed for bankruptcy on March 5, 2009. Its Chapter 11 case number is 09-10720.

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