Magna Disclosure Gets OK, Clearing Way For Plan Vote

Law360, New York (March 29, 2010, 5:55 PM EDT) -- Magna Entertainment Corp. has secured bankruptcy court approval of its disclosure statement, giving the racetrack owner permission to move forward with efforts to obtain creditor votes in favor of its new restructuring plan, which drops plans to auction off Maryland horse racing tracks Laurel Park and Pimlico.

In an order signed Friday, U.S. Bankruptcy Judge Mary F. Walrath approved the disclosure statement, ballot forms, and voting instructions, and set a voting deadline of April 16, 2010.

Magna's parent, MI Developments Inc., announced March 23 that it...
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