Magna Entertainment asks for three-month exclusivity extension

By Jennifer Lanning Drey

Portland, Ore., July 2 - Magna Entertainment Corp. requested a three-month extension to its exclusive periods to file a plan of reorganization and to solicit votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

Magna wants to extend the exclusive plan-filing period to Oct. 1 from July 3 and the solicitation period to Nov. 30 from Sept. 1.

The company said although the process for the sale of its assets is underway, it is still accepting bids. As a result, a Chapter 11 plan made now would be based on speculation regarding the disposition of the assets, Magna said.

A hearing is scheduled for July 30.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.