Bankrupt Indy Downs Books Rival's $500M Purchase Bid

Law360, Wilmington (September 19, 2012, 8:18 PM EDT) -- Indianapolis Downs LLC accepted a $500 million purchase offer Wednesday from cross-state competitor Centaur Gaming LLC, but the bankrupt horse track and casino is still far from the finish line as the deal lacks the support of its largest noteholder Fortress Investment Group LLC.

Indianapolis Downs has been operating in Delaware bankruptcy court under a restructuring support agreement forged between Fortress and the ad hoc second-lien committee, which holds two-thirds of those notes, and their differing takes on both the sale offer and the RSA have...
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